The information, resources, and suggested action items to help ensure a smooth transition to Altruist in November 2024.
As a modern financial custodian, we are responsible for safekeeping client assets, settling trades, and – just like Pershing, Charles Schwab, and Fidelity – adhering to a strict set of policy and regulatory requirements.
With Altruist, you can open and fund your investment accounts in minutes, track your investment progress and view your portfolio’s holdings, and download statements, tax documents, and other essential information in as little as a few clicks. It’s easy, simple, and intuitive.
The accounts and assets managed by your financial advisor, which are currently safeguarded by financial custodian Pershing, are moving to Altruist. You will receive the official notification of the conversion in a Negative Consent Letter towards the end of September.
In March 2023, Altruist acquired the custodial platform Shareholder Services Group (SSG). SSG was the interface between your advisor and Pershing. The next step in Altruist’s acquisition of SSG is to transition SSG advisors (and their clients) from Pershing’s NetXInvestor, onto the Altruist platform, for an experience that delivers the best combination of technology and support.
Switching to Altruist will take place in 3 simple steps:
No. If you do not wish for your account to be transferred to Altruist, you should promptly contact your advisor to make arrangements to have the cash and securities held in your account transferred to another broker-dealer of your choosing no later than September 27, 2024. 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.
Your account will be transferred without any action on your part. You do not need to respond to the notification email from Altruist, and you do not need to inform your advisor. Your advisor is aware of this transfer and is familiar with the schedule of events.
Once the conversion has been completed, the only action required on your part will be to acknowledge Altruist Financial’s new customer account agreements and disclosures. You will be prompted to do so digitally upon your next login to Altruist’s front-end or mobile app.
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 Pershing to Altruist Financial.
Yes, complete account history, including performance charts and reports, will continue to be available through the front-end platform and client app.
No, but there are fees associated with Altruist. Review the Altruist Financial LLC Fee Schedule on altruist.com/legal for more details.
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 Pershing to Altruist.
Move Money Authorization details will carry over through the conversion and any standing authorizations on your Pershing account will be honored for your Altruist account until such time as you’ve signed the new Altruist Move Money Authorization. Scheduled First Party ACH transfers and First Party checks will continue to be processed without interruption. If a journal is scheduled between accounts and both accounts convert to Altruist, those will also continue to be processed without interruption. If the accounts with scheduled journals are not both converting please contact your advisor for assistance with options.
Any assets delivered to Pershing 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 10/25/2024 check deposits are to be made payable to (Note: Pershing will process checks through 11/15/2024):
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.
The last day to write checks from your Pershing account is 10/15/2024.
Your SSG/Pershing debit card will no longer work as of 11/1/2024 (for accounts that are converting to Altruist).
Pershing will accept wires up until 10/31/24. You may start sending wires to Altruist as early as 10/25/24. As of 11/1/2024 all wire deposits should be sent to Altruist (Wire instructions below).
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:
Check Requests: 12:00 pm EST
ACH / Wire transfer requests: 2:30 pm EST
Cash journals: 3:45 pm EST
No. The cost basis of your holdings will carry over from Pershing to Altruist, unchanged.
For the 2024 tax year, you may receive two separate 1099 tax documents based on reportable activity:
Please note that only Altruist tax documents will be accessible through the Altruist Client Portal. Be sure to use both 1099s when preparing your tax filings.
At tax time, account holders with reportable activity will receive one tax form from Pershing, and one from Altruist. Together, these forms will cover the entirety of the tax year. Only Altruist tax documents will be accessible through the Altruist Client Portal.
Account holders will receive two account statements for the month of November 2024. The first will be from Pershing showing account activity up to and including the Conversion Date, showing the transfer of account assets to Altruist and the closing of the Pershing relationship. The second will be from Altruist showing the transfer of account assets from Pershing to Altruist and any activity subsequent to the Conversion Date.
