Altruist Corp, an LA-based fintech company that provides a fully integrated digital brokerage to financial advisors, announced its partnership with DriveWealth, a global leader in digital trading technology. DriveWealth is also partnered with Citibank and will power Altruist’s brokerage execution and is responsible for safekeeping securities on behalf of Altruist’s customers and settling trades executed in U.S. trading venues.
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DriveWealth founder and CEO Robert Cortright said:
“We have always looked for effective ways to bring our unique technical and brokerage capabilities to financial advisors. Our partnership with Altruist brings a powerful solution to this market which is undergoing dramatic change driven by technology. This offering will help bring advisors into the forefront of digital investment products.”
Altruist released a beta version of its software last year, which includes Portfolio Accounting features to help advisors run their businesses more efficiently. They started piloting their brokerage with a select group of advisors last month and plan to ramp up quickly early this year.
With help from DriveWealth’s innovative investment technology, advisors using Altruist can trade fractional shares, commission-free on a beautifully simple user interface. Advisors can also open accounts for their clients, completely paperless, in under two minutes.
The platform allows advisors to create custom models and portfolios and offers auto-rebalancing. These brokerage features seamlessly feed into their performance reporting and fee billing software to create an elegant, integrated solution for financial advisors.
Jason Wenk, founder and CEO of Altruist, says about the partnership:
“We have ambitious plans to make financial advisors and their clients’ lives better. To do this, we need to maximize automation and efficiency, and DriveWealth is the perfect partner in this endeavor. Partnering with DriveWealth allowed us to build the first-ever, truly free platform for RIAs, so they can offer a fully digital, commission-free, fractional share solution to their clients.”