As we approach our conversion, we will ensure that advisors and clients are up-to-date on all relevant information.
Like much of Altruist’s functionality, the process will be fully digital and easy for clients and advisors -- clients won’t have to sign new paper forms, assets and cash remain insured by SIPC*, and we are empowered to deliver more innovation to RIAs, significantly faster. Timelines, FAQs, and additional resources can be found below.
*Member of SIPC. Securities in your account protected up to $500,000. For details, please see www.sipc.org.
Launch new services and features to
RIAs on accelerated timelines
Take full ownership of the customer support model
Deliver enhancements that would otherwise be unavailable through legacy alternatives
3/10: Advisor Notification Sent
3/20: Clients receive Negative Consent Letter
4/3: Advisor Acknowledgement is Live
4/3: Client Acknowledgement is Live
4/19: Conversion
5/6: First residual sweep
5/19: Second residual sweep
6/20: Acknowledgement deadline
| Effective April 12, 2023, check deposits are to be made payable to: | |
| Altruist Financial LLC 300 S. Pearl Expressway Suite 250 Dallas, TX 75201 | |
| Checks for deposit must include the recipient client’s account number in the memo field on the check. For qualified retirement accounts, the contribution year should also be added to the memo line on the check. | |
| ABA/Routing Number: | 071000288 |
| Institution Name: | BMO Harris |
| Institution Address: | 320 S. Canal Street, |
| Chicago, IL 60606 | |
| Recipient Name: | Altruist Financial LLC |
| Recipient Address: | 3030 S La Cienega Blvd, |
| Culver City, CA 90232 | |
| Recipient Account #: | 1654417 |
| For Further Credit To: | (Client Name and Account Number) |
Altruist is an all-in-one custodian which both you and your advisor can use to monitor and maintain your account(s). Altruist Financial LLC is the self-clearing broker dealer through which your account transactions are cleared and your assets are held.
By switching to self-clearing, Altruist will be able to enhance its overall offering of new products and services to Advisors and Clients, including new account types, new security types, and increased digital capabilities.
Yes - The conversion will be publicly announced through the appropriate media channels in March, 2023.
No. Altruist will no longer support accounts held at Apex. If you do not wish for your account to be transferred to Altruist, you should promptly make arrangements to have the cash and securities held in your account transferred to another broker-dealer of your choosing no later than April 7, 2023. There will be no charge for the transfer of your account to an alternate broker-dealer.
Your advisor remains your best point of contact for questions related to the conversion.
A Directed Trustee carries out certain administrative duties related to your trust or retirement account including, but not limited to, tax reporting and withholding remittance, approving distributions to your beneficiaries, and other compliance and support functions. The Directed Trustee does not have any investment authority over your account.
We are asking you to log in for the purpose of acknowledging the Altruist Financial LLC account agreement. This is a one-time requirement associated with the conversion of your account from Apex Clearing to Altruist Financial.
Log in here to acknowledge your account agreement. If 2-factor authentication is enabled for your account, you will need to authenticate prior to accessing your agreement.
Yes, complete account history, including performance charts and reports, will continue to be available through the front-end platform and client app.
No. You can expect the same or equivalent features and account management after the conversion. Any changes will be additive.
Some clients have opted to use this independent 3rd party application to load their tax information from Apex into their tax preparation software. The Mint integration will not be immediately available through Altruist but is expected to be available in time for the filing deadline for the 2023 tax year.
Rebalancing will be suspended for April 19th and April 20th, 2023. Manual trades will continue to be permitted on these days.
The user experience on the platform will remain the same. Clients opening new accounts may notice additional fields for required information in the onboarding process.
Yes. FDIC sweeps will be temporarily suspended from 04/18/2023 through 04/21/2023. If your account is currently set up with a FDIC Insured Sweep product, your funds will be transferred to Altruist as cash on the Conversion Date. Altruist will then reinvest your cash into Altruists’ FDIC bank cash sweep program on, or about, 04/24/2023.
Yes. Eligible accounts can opt into Altruist’s Fully-Paid Lending program. Participation in Apex Clearing Corporation’s Fully-Paid Securities Lending Program will cease during the week ending 04/14/2023. Enrollment in Altruist’s Fully-Paid Lending program can be done by acknowledging Altruist’s Master Securities Lending Agreement at the same time you acknowledge the new Altruist account agreement and will be effective on 04/24/23 or the date of your acknowledgement, whichever is later.
We will not opt you into this program if you chose not to opt into Apex’s Fully-Paid Securities Lending Program. You explicitly acknowledge and understand that you are not required to participate in the Altruist Fully Paid Securities Lending Program and may, at your election, opt-out of Altruist’s Fully Paid Securities Lending Program at any time by asking your advisor to contact Altruist Support.
Yes. Dividend reinvestments will be suspended at Apex during the week ending 04/14/2023 and will resume at Altruist on 04/24/2023.
Altruist Clearing supports position quantities with up to three decimal precision. Any fractional quantities on the Apex system with greater than three decimal precision will require a liquidation of the excess before 04/20/2023, To address this, Altruist will submit trades to liquidate the excess quantities between 04/10/2023 and 04/19/2023.
For example, a customer position of .12345 shares on the Apex system will have a sell transaction of .00045 shares submitted to bring the customer position to .123 shares. The customer will receive the proceeds from the liquidation and the activity will be reflected on trade confirms, statements, and the Altruist platform.
No.
No. You will continue to enjoy commission-free trading on all equities and ETFs. For any questions about fees, please contact your advisor.
Fee billing arrangements between advisors and their clients will remain the same. No changes are needed.
Yes, linked bank accounts, transaction history, and scheduled transactions will carry over from Apex to Altruist.
Move Money Authorization details will carry over through the conversion and any standing authorizations on your Apex account will be honored for your Altruist account until such time as you've signed the new Altruist Move Money Authorization. Scheduled ACH transfers will continue to be processed without interruption. Scheduled checks and journals will require the submission of a new form to re-establish those schedules. Please contact your advisor for assistance with the form if this impacts your account(s).
Any assets delivered to Apex during or following the conversion will be systematically swept to the corresponding accounts at Altruist on a scheduled basis for up to 5 weeks following the conversion.
| Effective April 12, 2023, check deposits are to be made payable to: | |
| Altruist Financial LLC 300 S. Pearl Expressway Suite 250 Dallas, TX 75201 |
|
| Checks for deposit must include the recipient client’s account number in the memo field on the check. For qualified retirement accounts, the contribution year should also be added to the memo line on the check. | |
Yes. As of April 20, 2023, all wire deposits should be sent to:
| ABA/Routing Number: | 071000288 |
| Institution Name: | BMO Harris |
| Institution Address: | 320 S. Canal Street, |
| Chicago, IL 60606 | |
| Recipient Name: | Altruist Financial LLC |
| Recipient Address: | 3030 S La Cienega Blvd, |
| Culver City, CA 90232 | |
| Recipient Account #: | 1654417 |
| For Further Credit To: | (Client Name and Account Number) |
Yes. In many cases, the cutoff times are later than they were previously, allowing you more time to make important decisions about moving your funds and to submit the appropriate instructions. Please note the following cutoff times:
No. The cost basis of your holdings will carry over from Apex to Altruist, unchanged.
Your tax forms will be available in the Altruist portal, which you can access via your Altruist mobile app or by logging in online at www.altruist.com → Log In.
At tax time, account holders with reportable activity will receive one tax form from Apex, and one from Altruist. Together, these forms will cover the entirety of the tax year.
Account holders will receive two account statements for the month of April 2023. The first will be from Apex showing account activity up to and including the Conversion Date, showing the transfer of account assets to Altruist and the closing of the Apex relationship. The second will be from Altruist showing the transfer of account assets from Apex to Altruist and any activity subsequent to the Conversion Date.
