Custodian Startup Altruist Launches Digital Multiple Account Openings for RIAs

Altruist, a new custodian for registered investment advisors, has added digital multiple account opening features to its platform to enhance the onboarding process

The technology, which has been in development since the beginning of the year, allows advisers to offer clients the flexibility to open numerous accounts — including individual, joint, retirement trust, and custodial accounts — in a single encounter, according to the company.

“Simple, efficient processes help RIAs improve their operations and better serve their clients,” said Harpreet Ahluwalia, Chief Product Officer at Altruist. “We will continue building the product that RIAs deserve, so they can focus more on the work that matters: delivering exceptional financial advice and service.”

According to the custodian, the average client household on its platform has between two and ten accounts, and the new method will save onboarding time by relieving advisors of the tedious task of entering client information frequently.

The startup raised $112 million in capital earlier this year, supported by private equity firm Insight Partners, and said the cash would be used to compete with Schwab and Fidelity. Altruist has raised over $290 million in venture capital to date.