About

Truist offers a platform for Registered Investment Advisors (RIAs) to improve their operations and client services. The platform includes tools like live chat support, commission-free trading, and an automated rebalancer, allowing RIAs to manage their businesses more efficiently and serve more clients at a lower cost. Unlike competitors, Truist provides these services for free, monetizing through a custodian service that helps RIAs reduce overhead costs. 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.