About

Truist offers a platform for Registered Investment Advisors (RIAs) to improve their operations and client services. Its features include live chat support, commission-free fractional share trading, a model marketplace, and an automated rebalancer, which help RIAs manage their businesses more efficiently and serve more clients at lower costs. Unlike competitors, Truist provides these services for free, monetizing through a vertically-integrated custodian service that reduces overhead costs for RIAs. The goal is to empower RIAs to grow their businesses and enhance client experiences.

Simplify's Take

What believers are saying

• The recent $169M Series E funding round indicates strong investor confidence and provides substantial capital for further innovation and expansion.
• Collaborations with leading providers like Orion Advisor Solutions and Kwanti enhance Altruist's platform capabilities, making it more attractive to RIAs.
• Acquiring Shareholders Service Group expands Altruist's service offerings and client base, positioning it to compete with industry giants like Schwab and Fidelity.

What critics are saying

• The competitive landscape in the RIA market includes established players like Schwab and Fidelity, which could challenge Altruist's growth and market penetration.
• Rapid expansion and multiple integrations may lead to operational complexities and potential service disruptions.

What makes Truist unique

• Altruist offers a simplified tech stack specifically designed for RIAs, unlike broader financial platforms that cater to multiple financial service providers.
• Their commission-free fractional share trading and automated rebalancer features provide cost-effective solutions that are not commonly bundled together in competing platforms.
• The vertically-integrated custodian service allows Altruist to streamline operations and reduce overhead costs for RIAs, setting it apart from traditional custodial services.