Assessment
Altruist holds the client accounts and runs the day-to-day software, so the firm does not need a separate custodian and a separate portfolio system. Use it when the firm wants both jobs from one company. Do not switch only because stock trades are free, if the firm already trusts its custodian.
On August 26, 2026, Vanguard and Altruist announced a definitive agreement under which Vanguard will acquire Altruist. Terms were not disclosed. After closing, Altruist is expected to run as a standalone business with its own leadership, brand and operating model, Vanguard said. Axios said Vanguard started the talks and Altruist was not seeking a buyer. The deal is subject to regulatory approvals and had not closed as of September 24, 2026, so prices and the product plan can still change.
Altruist fits an independent RIA, including an advisor leaving a larger firm to open a new one, that wants custody and portfolio software from the same company. It is a weaker fit for a family office with complex private holdings, or for a firm that wants a large institutional custodian.
Rating by criterion
Each of the eight criteria below is scored out of 100.
Sector criteria
An adviser can keep an ordinary book here: whole or fractional US stocks and ETFs, mutual funds, options, structured products, fixed income, and alternatives, across more than 30 account types. Positions in evergreen alternative funds from Altruist's own marketplace, funds Altruist says typically have a quarterly window for redemptions, can move into custody without a transfer form filled out by hand.
The account and the daily work sit in one place. The firm gets Hazel, Altruist's AI assistant for advisers, along with a client portal, fee billing, and performance reports, and can run more than 500 models with personalized indexing, tax-loss harvesting, and automated rebalancing. That matters if the staff currently rebalances and bills in a second system.
An adviser who already plans in eMoney, IncomeLab, MoneyGuidePro, or RightCapital can keep that program. Client records can stay in Redtail, Salesforce FSC, Slant, or Wealthbox, and a firm already on Advyzon, Black Diamond, Orion, or Tamarac does not have to rebuild on something new. Reporting can stay in AssetBook, Blueleaf, Capitect, Panoramix, PowerAdvisor, or Vise. The custodial API is the part that helps when the firm's own software needs the account data.
Client assets sit at Altruist Financial LLC, which clears its own trades. It is an SEC-registered broker-dealer and a member of FINRA and SIPC, with extra SIPC coverage through Lloyd's of London. An adviser can tell a client that the stocks and the cash are at the same broker-dealer that provides the software.
Vendor criteria
In 2026 Hazel added an agent for tax planning and an agent for financial planning. An adviser can draft the plan in the same place as the accounts, then carry it out with more than 500 models, automated rebalancing, and tax-loss harvesting.
On weekdays, from 9am to 8pm ET, an adviser can reach a person by chat or by phone. Altruist says a reply averages under 60 seconds. That is what helps when a client is waiting on an account question.
An adviser can read the trading fees before a sales call. On the August 14, 2026 schedule, US-listed stocks and ETFs are $0 a trade and options are $0.50 a contract. Hazel is $60 a month per seat, and the planning agents are $160 and $300 a month per seat.
There is no annual fee just to keep an account open, and the subscription terms are published, so an adviser can read the commitment before moving clients.
Against its peers
These are the other companies in wealth and brokerage platforms, with their ratings.
Fact file
| Custodian | Altruist Financial LLC, SEC-registered broker-dealer, member of FINRA and SIPC |
|---|---|
| Advisors served | 6,000+ independent advisors |
| Commissions | US-listed stocks and ETFs at $0; options at $0.50 per contract |
| Hazel pricing | $60 per month per platform seat; $160 and $300 per month per planning agent seat |
| Ownership change | Vanguard's deal to acquire Altruist dates to August 26, 2026; terms were undisclosed |
Competitive landscape
Custodians and portfolio platforms an independent advisory firm would compare with Altruist.
Altruist: 82
- Altruist82
- Orion81
- Schwab Advisor Services80
- Fidelity Institutional78
- Vise75
- Black DiamondNot reviewed
- EnvestnetNot reviewed
- PershingNot reviewed
Vise competes on the portfolio side, building personalized portfolios, direct indexing, and tax-aware transitions for advisers.
Comparisons
Key leadership
Jason Wenk founded Altruist in 2018 and is chief executive. He was an adviser with his own firm before that, after starting at Morgan Stanley. Mazi Bahadori runs operations and compliance. Harpreet Ahluwalia leads product, Amit Miglani is chief financial officer, Piret Loone is general counsel, and Dan Petty leads information security.
How this review was created
This profile gives our own assessment of Altruist to companies selecting a Wealth & brokerage platforms provider. The Fintech Index receives nothing for featuring a firm, for sponsorship, or for advertising, and Altruist gave us no payment for the profile.
The rating equals the average of eight criteria, with every criterion running from 0 to 100. Four address buyer needs in this sector, and four address the company together with its commercial terms.
Ratings are our editorial judgment, made from public information: pricing and legal pages, product documentation, compliance disclosures, and filings. Fact-checking took place on September 24, 2026.