Strength, stability,
and protection.
We adhere to rigorous internal practices and business standards to ensure the safety of client assets.
At Altruist, we hold our custodial role and the protection of client assets in the highest regard.
Access to FDIC coverage for eligible assets swept to FDIC Member banks, emergency lines of credit, daily stress testing, weekly compliance requirements with FINRA and the SEC, comprehensive security and encryption, an asset protection guarantee and excess SIPC coverage (in addition to industry standard coverage, detailed below) are among the measures we take to secure client assets and provide trust in our role as a custodian.
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Long-term financial strength
Altruist is committed to maintaining our financial strength, and we have confidence in our ongoing financial well-being.
Altruist maintains multiple banking relationships at top tier financial institutions, with all regulatory capital held at BMO Harris and operating capital at multiple top-tier banks. We are well funded and have a robust balance sheet, having raised approximately $450 million in total capital over the years from renowned partners including Adams Street, ICONIQ Growth, Declaration Partners, Granite Capital Management, Insight Partners, Sound Ventures, Vanguard, Venrock, and more.
Altruist also has a comprehensive liquidity and risk management program to ensure we satisfy all obligations under any market conditions. And in the very unlikely chance we'd ever need it, we have available lines of credit that will provide emergency funding in the event we experience extreme market stress conditions.
Altruist currently works with over 4,200 independent advisors, and is the third largest custodian by firms served. Although, as a private company, we don't publish the total amount of assets on our platform, we have achieved both significant growth and scale over the past several years, having tripled assets under management in 2023 and posting revenue growth of over 1,700% year over year.
Strengthening financial stability through business practices focused on fiscal well-being
Strategic debt management
Employing a disciplined approach to debt management, including optimizing debt structures, monitoring interest rates, and ensuring appropriate levels of leverage, can help maintain a healthy balance between debt and equity and minimize financial risks.
Diversified revenue mix
Striving for diversification in revenue sources can reduce dependence on a single client or market segment, improving resilience and stability in the face of economic fluctuations or industry-specific challenges.
Long-term financial planning
Developing and executing a long-term financial strategy aligned with the organization's goals and objectives helps establish a roadmap for sustained growth, investment decisions, and risk mitigation.
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Protecting
client assets
Securities Investor Protection Corporation ® (SIPC) Coverage
Altruist Financial LLC is a member of SIPC, which means securities held in your brokerage account are protected up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.
In addition, Altruist Financial LLC carries an excess SIPC policy with underwriters at Lloyd’s of London, which extends the per account coverage by an additional $40 million (with a cash sub limit of $2 million), subject to an aggregate limit of $150 million across all Altruist accounts. Stock loan transactions, as well as certain mutual funds, may not be covered by the excess SIPC bond.
Excess of SIPC Coverage Lloyd’s of London
Altruist’s Asset Protection Guarantee
In the event a client’s cash and/or securities are lost due to unauthorized activity, Altruist Financial LLC will reimburse such losses, so long as a handful of security measures and contact information are maintained (e.g., unique password, two-factor authentication, etc.). More information about the Asset Protection Guarantee can be found at altruist.com/security.
Bank Sweep Program
Altruist Financial LLC’s Bank Sweep Program provides you the ability to automatically “sweep” uninvested cash balances in your account into Federal Deposit Insurance Corporation (“FDIC”) insured bank deposit accounts between multiple FDIC-insured banks (“Participating Banks”). Cash swept into an interest-bearing account at a Participating Bank is federally insured up to applicable FDIC limits up to the Program’s $1 Million limit in the event of a bank failure. Although the Bank Sweep Program’s network of FDIC-insured Participating Banks provides you access to increased FDIC coverage, FDIC coverage limits are $250,000 for all deposits (checking, money market, savings, CDs, etc.) per depositor, per insured bank, for each account ownership category. Coverage is subject to conditions, see www.fdic.gov for additional account category and coverage information.
Neither SIPC protection nor excess SIPC coverage provides protection against market losses. Once funds are swept into an interest-bearing account they are held at an FDIC member bank and, accordingly, they are protected by FDIC insurance. They are not covered by SIPC or by Lloyd’s of London. For more information on the Altruist Bank Sweep Program, please review the Altruist Bank Sweep Program Disclosure Statement available at altruist.com/legal. Neither Altruist Financial LLC nor any of its affiliates is a bank.
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Information and data security safeguards
Comprehensive security and encryption
Altruist engages Schellman, an American Institute Certified Public Accountant (“AICPA”) independent auditor (trusted by publicly traded companies like Box, VMware, and Avaya) to conduct a SOC 2 Type 2 examination and deliver a report on Altruist’s system of controls related to information security.
This means that an independent auditor has examined Altruist’s systems and controls for the security, availability, and confidentiality categories pursuant to AICPA standards.
Altruist’s SOC 2 Type 2 examination tests that the systems and controls related to data security at Altruist are suitably designed and operating effectively to achieve their outcomes of ensuring safe, secure, and reliable transmission and storage of data.
Altruist has cybersecurity insurance provided through Beazley, whose rating with A.M. Best is "A-Excellent-Positive Outlook."
To mitigate employee-directed attacks like phishing, Altruist uses Mobile Device Management software to remotely lock and control enterprise machines in the event of a takeover. Enterprise devices are further secured with robust anti-virus and anti-malware software, and employees regularly complete mandatory security training to help identify and report these threats. Employees at Altruist are also subject to background checks and confidentiality agreements.
Every Altruist application is encrypted separately and has a unique decryption key managed by one of the leading third-party enterprise infrastructure security solutions. This method ensures that no employee has direct access to decryption keys and that connecting data across applications requires multiple levels of authorization. When decryption is required, it’s documented with an audit trail that captures exactly who is doing what, and when.
A few highlights on data security
We encrypt all Personally Identifiable Information (PII) with Advanced Encryption Standard 256–the standard for highly regulated industries because it is virtually uncrackable without the decryption key which is rotated quarterly.
Unlike PII, which can be decrypted with a key, passwords are hashed. A hash is a one-way security function that cannot be reversed, making it impossible for anyone — hackers or employees — to expose client passwords. Password hashing is an area where Altruist exceeds industry standards.
We monitor our networks 24 hours a day, 7 days a week, 365 days a year to continually assess the security and health of our platform with instant, automated alerts to security personnel.
We use intrusion and prevention systems that are configured to continuously monitor and analyze network traffic and system activity.
We employ user access reviews of network and application accounts at least annually to ensure appropriate access is maintained.
Our commitment to privacy
At Altruist, we hold privacy as one of our highest values. As a custodian trusted by financial advisors to safeguard their clients' assets, we understand the importance of protecting your personal information. We are committed to maintaining the confidentiality, integrity, and security of all the data entrusted to us.
You and your clients’ personal information is treated with the utmost care and is accessed only by authorized personnel who are bound by strict confidentiality obligations. We have implemented robust security measures to ensure that your information remains safe from unauthorized access, disclosure, or alteration.
We take pride in our transparent practices when it comes to sharing personal information. We commit to keep all customer data confidential (aside from
sharing as necessary for our everyday business purposes, as well as with third parties to provide supplemental services as requested by customers and with our affiliates for marketing purposes) and to not disclose information to any unauthorized parties without written consent, except as required by law.
To gain a comprehensive understanding of our commitment to privacy and the measures we take to protect your personal information, we encourage you to visit altruist.com/legal to review our Privacy Notice and Privacy Policy. They provide detailed information about the types of information we collect, how we use it, and the circumstances in which it may be shared.
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An experienced
and dedicated
board of directors
Our board directors guide our strategic decisions with a wealth of industry knowledge and experience.
As a private Series E business, we recognize the significance of a strong and committed board with aligned interests that foster a deep sense of dedication and accountability. Our board’s financial commitment is a testament to their unwavering belief in Altruist’s potential. With this exceptional blend of expertise, our board's collective knowledge forms the backbone of our financial strength and security. By leveraging their experience, we can navigate market challenges, identify growth opportunities, and make sound investment decisions, ensuring the stability and long-term success of our business.
Bill McNabb
Altruist Board Member and Former Vanguard CEO
“Given how fast the world changes today and how many exogenous factors even small companies have to deal with, a board’s responsibility is really around this concept of talent, strategy and risk.”
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Seasoned leadership
Our executive team is motivated by doing what’s right.
Jason Wenk, CEO
Jason has lived and breathed the financial services industry over the last 20 years as a financial advisor, investment systems developer, analyst, and founder of his previous company, FormulaFolios.
With Jason as CEO, FormulaFolios achieved a 13,927% 3-year growth rate and managed over $3.2 billion. This rapid growth ranked the firm as a fastest-growing private company in the country by Inc. magazine 4 years in a row, reaching as high as #10.
Mazi Bahadori, COO
Mazi is a seasoned veteran in financial technology, having previously served as the CCO and Director of Operations for Aspiration. Prior to this, he worked for PIMCO as VP of Legal & Compliance, Morgan Stanley as a financial advisor, and Goldman Sachs as a government affairs associate. Mazi began his career serving as an aide in the U.S. Congress and the White House Counsel’s office. Mazi holds a JD and MBA from Chapman University and a BA in History from UC Berkeley.
As a finance executive, Mazi has been responsible for legal, compliance, operations, investor relations, risk management, and cybersecurity functions.
Marc Greenberg, CFO
Prior to joining Altruist, Marc spent 16 years in finance and strategy leadership at Pixar, and most recently served as the CFO of Blend where he led the company through critical growth stages and ultimately to their initial public offering in 2021. Marc helped scale Blend from 300 to over 2,000 full time employees and grew revenue to over $300M annually.
Harpreet Ahluwalia, Head of Product
Prior to Altruist, Harpreet was VP of Product at ServiceTitan, where he led the product management and product design teams and helped establish the company as the leading software platform for home services businesses.
Earlier in his career, he held product management roles at Salesforce, YP.com, and Citysearch.com. He also worked as an associate investment banker at UBS.
Harpreet holds an MBA from the Yale School of Management and a Bachelor of Arts in Applied Mathematics from UC Berkeley.
Altruist Corp (“Altruist”) offers technology and tools designed to help financial advisors achieve better outcomes. Advisory and certain other services are provided by Altruist LLC, an SEC-registered investment adviser, and brokerage related products are provided by Altruist Financial LLC, a member of FINRA/SIPC. Commission-free trading means $0 commission trades placed in brokerage accounts via web or mobile devices. Other fees may still apply. Please see the Altruist Financial Fee Schedule to learn more
By using this website, you understand the information being presented is provided for informational purposes only and agree to our Terms of Use and Privacy Policy. Nothing in this communication should be construed as an offer, recommendation, or solicitation to buy or sell any security. Additionally, Altruist or its affiliates do not provide tax advice and investors are encouraged to consult with their personal tax advisors.
All investing involves risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Historical returns, expected returns, and probability projections are provided for informational and illustrative purposes, and may not reflect actual future performance. Clearing and custody of all securities are provided by Altruist Financial LLC. Check the background of Altruist Financial LLC on FINRA’s BrokerCheck.
LaSalle Vaughn, Chief Compliance, Ethics, and Risk Officer
LaSalle brings over 20 years of financial services experience in highly regulated industries, leading global operations in both Fortune 500 companies & fast-growing startups. A former Surface Warfare US Naval Officer, he is also a published thought leader and public speaker.
Before joining Altruist, LaSalle was Chief Compliance, Risk & Ethics Officer at Bestow, ranked Forbes’ #1 insurance company in 2023. He also held Ethics & Compliance executive roles at Robinhood, overseeing global communications compliance. Earlier, LaSalle was Marketing Compliance Officer at USAA, a Fortune 100 financial services firm. He also worked as a wealth manager at Wells Fargo and Merrill Lynch.
LaSalle serves as an Independent Director for the Board of PerformLine, a leading provider of regulatory compliance technology empowering firms with solutions to mitigate risk across a multitude of channels.
Piret Loone, General Counsel
Piret brings more than 20 years of experience as a financial services attorney and as a legal executive in financial technology companies. Before joining Altruist, Piret was the General Counsel and Chief Business Officer of a Series A open banking company, where she built the legal and compliance functions, and prior to that, a legal leader at Robinhood, where she was part of the team successfully taking the company public. Earlier in her career, she was a senior counsel at a Fortune 500 asset management company, and in private practice at several top international law firms.
Piret holds a J.D. From Harvard Law School, a M.A. in Political Science from Columbia University, and a B.A. in Economics and Political Science from Franklin & Marshall College.