LOS ANGELES – Altruist, a leading modern custodian catering to independent Registered Investment Advisors (RIAs), has announced its acquisition of Shareholders Service Group (SSG), a distinguished brokerage and custodial platform. SSG supports over 1,600 advisors across the United States and is recognized for its award-winning services. This strategic acquisition brings SSG’s esteemed leadership team, known for their rich history and client-focused culture in RIA custody services, into Altruist. The merger is set to significantly expand Altruist’s reach and enhance its suite of RIA-centric services and products, which currently includes digital account opening, trading, reporting, and billing solutions.
“This acquisition is a significant step forward in our mission to improve financial advice, making it more affordable and accessible for everyone,” stated Jason Wenk, Founder and CEO of Altruist. “We see a strong alignment between our firms in recognizing the immense value that financial advisors bring to their clients’ lives, and we are committed to empowering them to broaden their impact.”
Shortly after launching Altruist Clearing, the industry’s first integrated all-in-one custodian for RIAs, Altruist proactively sought opportunities to collaborate with and integrate other leading RIA service providers. Shareholders Service Group, after two decades of operation and significant growth to serve thousands of advisors, was seeking an ideal partner to facilitate its next phase of growth and innovation. The synergy with Altruist was evident, as both organizations share a deep commitment to democratizing access to independent financial advice and operate on core principles centered around exceptional customer service, outstanding value, and superior client experiences.
Peter Mangan, Founder and CEO of SSG, commented, “When we established Shareholders Service Group in 2002, our primary objective was to become the most reliable and trusted partner for advisors. This was built on a foundation of transparent pricing, dedicated service, and efficient brokerage and reporting tools. We are thrilled to join forces with Altruist and contribute to the next evolution of the RIA custody business, equipping advisors with cutting-edge technology and a top-tier service platform.”
Advisors can anticipate a seamless continuation of services, as both Altruist and Shareholders Service Group leadership are committed to maintaining the current relationship with Pershing. For advisors interested in leveraging Altruist’s comprehensive custodian and RIA platform, the Altruist client development team will ensure smooth transition opportunities. Switching to Altruist offers substantial benefits, including potential savings of tens of thousands of dollars in software expenses and reclaiming dozens of hours each week through increased efficiency. Advisors will also gain from continuous and rapid product innovation designed to support practice growth and cater to the evolving needs of future generations of clients.
Mazi Bahadori, CCO and EVP of Operations at Altruist, emphasized, “Both Altruist and Shareholders Service Group have consistently prioritized continuous innovation, technology integration, and exceptional customer service, enabling advisors to achieve more while reducing costs.”
The combined strengths of Altruist and Shareholders Service Group are expected to accelerate Altruist’s impressive 400% year-over-year growth rate from the previous year. New advisors are drawn to Altruist due to its low entry barriers, including no asset minimums, simplified client onboarding processes, and a unified software solution, distinguishing it from established institutional custodians like Schwab and Fidelity.
“Altruist is rapidly becoming a leader in the RIA custodian market, and the partnership with Shareholders Service Group further solidifies their dedication to independent RIAs,” remarked Nick Beim, Partner at Venrock. Dan Skiles, President of SSG, added, “We are confident that together, Altruist and SSG will meet and exceed the expectations of independent RIAs, providing them with the necessary tools to best serve their clients.”
The acquisition is pending regulatory approvals. The financial terms of the transaction remain undisclosed. Broadhaven Capital Partners acted as the exclusive financial advisor to Shareholders Service Group in this transaction.
For additional information about Altruist and its revolutionary approach to financial advisory services, please visit altruist.com and explore getting started for free.
About Altruist
Altruist is the modern custodian for independent RIAs, offering a unique combination of a self-clearing brokerage firm with integrated, user-friendly software. This all-in-one solution streamlines account opening, trading, reporting, and billing processes. Altruist empowers financial advisors with tools to create custom models, trade fractional shares, automate rebalancing, and keep clients informed through a modern mobile app. For more details, visit https://www.altruist.com and follow Altruist on Twitter @altruist.
“Altruist Clearing” is the marketing designation for Altruist Financial LLC. Altruist Corp (“Altruist”) delivers technology and tools designed to enhance outcomes for financial advisors. Advisory services are provided by Altruist LLC, a registered investment adviser with the SEC, and brokerage services and products are offered by Altruist Financial LLC, a member of FINRA/SIPC. This communication is not intended as an offer, recommendation, or solicitation to buy or sell any security. Furthermore, Altruist and its affiliates do not provide tax advice, and investors are advised to consult with their tax advisors. Clearing and custody services are provided by Altruist Financial LLC. © 2023 Altruist Corp 3030 S La Cienega Blvd Culver City, CA 90232. For complete fee details, please refer to our fee schedule at https://www.altruist.com/legal.
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