Digital Investment Platform For Financial Advisors Altruist Announces New Investment & Additional Board of Directors

Altruist, a fully-integrated digital investment platform for financial advisors, announced today it has closed an additional round of funding through its latest investment round, which will accelerate its mission of disrupting the custodial offering for independent advisors. According to Altruist, the investment round was led by venture firm, Venrock, with significant participation also coming from personal investments by Ron Carson of Carson Group and Bill McNabb, as well as a strategic third-party investor.

Founded in 2018, Altruist claims it is a fintech company that’s making investing fair for everyone.

“Our platform was built for modern financial advisors who put their clients first. We help you do better with your money by empowering financial advisors to do their best work.

As part of the round, McNabb joined the Altruist Board of Directors, which also includes Nick Beim, partner at Venrock, and Jason Wenk, CEO of Altruist. Mr. McNabb is the former Chairman of the Board for Vanguard and served as their CEO from 2008 to 2017. Speaking about the investment, Jason Wenk, CEO and Founder of Altruist, stated:

“While the additional capital will help us realize our mission of making financial advice more accessible to everyone, the people that are joining us in this effort is what’s most exciting. It’s an honor to have Bill join our board and the combined support from him and Ron Carson is really special. The reception from the financial advisor community for our platform has been incredible and humbling. Our whole team is motivated by the support and we can’t wait to watch advisors use Altruist to do their best work.”

The company added it will use the new investment for continued growth and continued innovation to provide a modernized investment experience for independent advisors and their clients—in an industry that’s struggled to keep pace with consumer technology. The amount of funding raised has not been disclosed at this time.

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