Summer 2026
Posted on 8/5/2025
Platform for RIAs with trading tools
$48.41/hr
Company Historically Provides H1B Sponsorship
San Francisco, CA, USA + 1 more
More locations: Culver City, CA, USA
Hybrid
Hybrid schedule with in-office presence required on Tuesday, Wednesday, and Thursday.
Master's, PhD
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Altruist builds a tech platform for Registered Investment Advisors (RIAs) to run their practice more efficiently. Its core tools include a streamlined tech stack with live chat support, commission-free fractional share trading, a model marketplace, and an automated rebalancer, helping RIAs serve more clients at lower costs. The platform also offers fast onboarding and quick access to investment management information, plus original content for independent advisors. Altruist’s business model offers its services for free to attract a large RIA user base and then monetizes through a vertically-integrated custodian service that reduces overhead for RIAs. The company differentiates itself by combining a free, easy-to-use software suite with integrated custodial services and practical resources, focused specifically on the needs of RIAs. Its goal is to help RIAs grow their business, improve client experiences, and lower operating costs by providing a centralized, cost-effective platform.
Company Size
201-500
Company Stage
Acquired
Total Funding
$601.5M
Headquarters
Culver City, California
Founded
2018
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Health Insurance
Dental Insurance
Vision Insurance
401(k) Company Match
Hybrid Work Options
Unlimited Paid Time Off
Paid Parental Leave
Stock Options
Vanguard is pushing into Fidelity's turf.
Vanguard strikes deal for fintech platform Altruist. Published on 08/26/2026 at 08:52 am EDT - Modified on 08/26/2026 at 09:04 am EDT Aug 26 (Reuters) - Vanguard Group said on Wednesday it would acquire fintech platform Altruist, giving the asset manager greater access to independent financial advisers and expanding its wealth-management capabilities. Here are some more details: o While the terms of the deal were not disclosed, the Wall Street Journal said the transaction was worth roughly $4 billion, citing people familiar with the matter. o Founded in 2018, Altruist is a wealth-management technology platform used by independent financial advisers. It is a competitor to Charles Schwab and Fidelity's custody businesses. o "As more investors in Vanguard funds choose to work with financial advisors, we see a significant opportunity to build on the strengths of two highly complementary organizations to help advisors serve clients more effectively," said Salim Ramji, CEO of Vanguard. o The deal aligns with Ramji's strategy of expanding Vanguard's advice and wealth-management business as asset managers push further into serving affluent clients. o Vanguard, which managed about $12 trillion in assets as of March 31, also acquired wealth-management technology provider Just Invest in 2021. o Following the deal's close, Altruist will continue to run as a separate business under Vanguard's ownership. o The transaction is expected to close later this year. (Reporting by Pragyan Kalita in Bengaluru) (C) Reuters - 2026
Vanguard has entered a definitive agreement to acquire Altruist, an AI-forward wealth technology and custody platform serving financial advisors. The deal, expected to close later this year pending regulatory approvals, aims to expand access to financial advice by enabling advisors to serve more clients efficiently. Vanguard first invested in Altruist in 2020 to increase competition in the registered investment advisor custody space. Following the acquisition, Altruist will operate as a standalone business, retaining its leadership, brand, and operating model whilst gaining access to Vanguard's resources and investment expertise. The transaction terms were not disclosed. Altruist will continue focusing on providing integrated technology solutions for independent financial advisors, combining custody services with portfolio management tools.
Altruist, an upstart custodian and registered investment advisory platform, is challenging industry giants with AI-powered technology and competitive pricing. The firm's Hazel AI tools, which automate tasks like tax planning and client notifications, sparked a Wall Street reaction in February when shares of rivals Charles Schwab, LPL Financial and Raymond James dropped after its announcement. Early adopter Alex Chalekian of Lake Avenue Financial predicts Altruist's platform will replace existing tools, comparing it to the iPhone displacing BlackBerry. However, questions remain about scale: the 8-year-old company serves only 6,500 financial advisors across 4,000 registered investment advisors. Last year, Altruist raised $152 million in Series F funding at a $1.9 billion valuation, two years after acquiring brokerage firm Shareholders Service Group.
Altruist has opened a waitlist for early access to its AI-powered financial planning feature within Hazel, its AI platform. The tool can create comprehensive financial plans in minutes, compared to the typical 18 hours required manually, according to Ken Vincent, head of business at Hazel. The company will onboard an initial cohort of advisory firms in the coming weeks before a general launch expected in August. Pricing will mirror its tax planning capability, ranging from $50 per seat monthly for standalone use to $125 with tax planning included. Hazel is custodian-agnostic, allowing advisors to use the platform without custodying assets with Altruist. CEO Jason Wenk emphasised the tools are designed to help advisors serve more clients better, not replace them. This follows Hazel's February launch of an AI tax planning agent.