Full-Time

Associate Director

Retirement and Estate Operations

Confirmed live in the last 24 hours

Altruist

Altruist

501-1,000 employees

Platform for Registered Investment Advisors' operations

Fintech
Financial Services

Compensation Overview

$119k - $164kAnnually

Senior

Dallas, TX, USA

Role will begin in-office and may transition to a hybrid model.

Category
Financial Planning and Analysis (FP&A)
Finance & Banking
Requirements
  • FINRA Series 24 or 9/10
  • CIP or CISP designation
  • 5+ years of securities-industry leadership experience, including leadership of leaders
  • Direct experience in retirement account operations and estate operations
  • Entrepreneurial attitude and a deep empathy for our customers
  • Proven track record of innovation and transformation
  • Excellent analytical, research, and decision-making skills
  • Exceptional executive-level communication skills with the ability to easily convey complex matters in an easy-to-understand manner
  • Demonstrated ability to apply technology to enhance business processes
Responsibilities
  • Provide leadership, oversight, and deep subject matter expertise for all items related to IRS forms 1099-R and 5498, IRA/solo 401(k) compliance, and SECURE 2.0
  • Ensure proper processes, controls, and compliance are in place for all areas of responsibility
  • Be the point of contact for IRS and other regulatory audits, provide and explain relevant evidence
  • Conduct periodic reconciliations across multiple systems and vendors and own the process of issuing corrections when necessary
  • Serve as a point of escalation for the most complex beneficiary and estate processing issues related to brokerage accounts
  • Identify, hire, and develop talented individual contributors and managers
  • Resolve complex business issues, provide critical business updates, participate in business planning, and be a key partner across sales, client success, operations, compliance, etc.
  • Strategically prioritize product initiatives and drive them to success
  • Onboard new vendors and provide ongoing operational oversight

Altruist provides a platform designed for Registered Investment Advisors (RIAs) to improve their operations and client interactions. The platform includes a range of tools such as live chat support, commission-free fractional share trading, a model marketplace, and an automated rebalancer, all aimed at helping RIAs manage their businesses more effectively. This allows them to serve more clients while lowering costs, which can enhance their profit margins. Altruist also features a quick onboarding process and offers valuable investment management information along with original content tailored for independent financial advisors. Unlike many competitors, Altruist offers its services for free, aiming to build a large user base, and generates revenue through a vertically-integrated custodian service that helps RIAs reduce operational costs. The goal of Altruist is to empower RIAs to grow their businesses and enhance the experience they provide to their clients.

Company Stage

Series E

Total Funding

$437.2M

Headquarters

Culver City, California

Founded

N/A

Growth & Insights
Headcount

6 month growth

24%

1 year growth

40%

2 year growth

73%
Simplify Jobs

Simplify's Take

What believers are saying

  • The recent $169M Series E funding round indicates strong investor confidence and provides Altruist with significant capital to expand its offerings and market reach.
  • Partnerships with leading providers like Orion Advisor Solutions and Kwanti enhance Altruist's platform capabilities, making it more attractive to RIAs.
  • The addition of digital fixed-income trading broadens Altruist's service offerings, potentially attracting a wider range of clients.

What critics are saying

  • Competing against established giants like Schwab and Fidelity in the $128 trillion RIA market poses significant challenges for Altruist.
  • The reliance on a free service model may pressure Altruist's revenue generation if the vertically-integrated custodian service does not scale as expected.

What makes Altruist unique

  • Altruist's platform offers a unique combination of commission-free trading, automated rebalancing, and a model marketplace, setting it apart from traditional RIA platforms.
  • The company's vertically-integrated custodian service provides a seamless experience for RIAs, reducing overhead costs and enhancing operational efficiency.
  • Altruist's strategy of offering services for free to attract a large user base is a bold move in the financial services market, differentiating it from competitors who charge for similar services.

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