Altruist, the Los Angeles-based custodian aiming to disrupt the traditional RIA servicing model, has raised $152 million in a Series F funding round led by GIC, Singapore’s sovereign wealth fund.
The latest infusion of capital values the company at approximately $1.9 billion and reflects mounting interest in purpose-built platforms designed exclusively for the independent advisory space.
This round also included participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, Iconiq Growth, and several other strategic investors. For wealth managers tracking custodial innovation, this latest capital raise signals a continued reshaping of the custodial landscape, with challengers like Altruist gaining meaningful traction among RIAs seeking alternatives to the legacy triopoly of Schwab, Fidelity, and Pershing.
Founded in 2018 by industry veteran Jason Wenk, Altruist has positioned itself as a vertically integrated custodial and technology platform built from the ground up to serve independent advisors. The firm blends clearing, custody, trading, and portfolio management with a modern digital interface, targeting inefficiencies that many advisors have long tolerated with traditional custodians.
For many RIAs, changing custodians remains a cumbersome process. It often involves considerable operational friction and risks client disruption. That inertia has long favored incumbents.
In recent years, the combination of increased RIA M&A activity, shifting client expectations, and the desire for better technology has prompted more advisors to diversify their custodial relationships. Altruist’s growth reflects this trend. As of the latest announcement, the firm now serves more than 4,700 advisors, though it has not disclosed assets under custody.
GIC’s decision to lead the funding round underscores the firm’s confidence in Altruist’s long-term opportunity. Choo Yong Cheen, GIC’s chief investment officer of private equity, cited the growing size and strategic importance of the RIA channel.
“We are confident in the management team’s ability to deliver exceptional value to advisors and their clients,” he said in a statement, suggesting GIC views Altruist as an important player in the modernization of advisor infrastructure.
The momentum from this round builds on Altruist’s prior funding activity. In 2023, the firm raised $169 million at a valuation exceeding $1.5 billion. That same year, Altruist acquired Shareholders Service Group (SSG), a move that significantly accelerated its reach among fee-only advisors.
The acquisition helped fast-track Altruist’s operational capabilities while adding a book of highly aligned advisor relationships—many of whom were already accustomed to a service-first custodial experience.
For RIAs, the rise of Altruist is especially notable because it reflects a clear intent to serve their specific needs rather than offering repackaged broker-dealer infrastructure. This matters for advisory firms that increasingly demand custodial partners with transparent pricing, responsive service, and integrated technology that reduces administrative complexity.
Baillie Gifford, another key investor in this round, pointed to Altruist’s long-term orientation as a differentiator. Shan Shan, investment manager for private companies at Baillie Gifford, emphasized the firm’s conviction in Altruist’s mission.
“Transforming the custodial layer of wealth management is no small feat, but Altruist is approaching it with long-term thinking and principled execution,” she said. For RIAs evaluating custodial relationships, investor confidence from sophisticated institutional backers adds another layer of credibility to Altruist’s growth narrative.
Advisory firms exploring multi-custodial models often cite platform redundancy, improved pricing leverage, and acquisition flexibility as primary benefits. Altruist’s streamlined onboarding and digital interface are tailored for firms prioritizing operational efficiency—especially those managing a lean back office or undergoing M&A integration.
While the large incumbents still maintain overwhelming market share, challenger custodians like Altruist are positioning themselves as platforms for the next generation of RIAs: firms that are digital-first, tech-savvy, and unwilling to settle for dated workflows.
Altruist’s platform architecture also appeals to advisors who want simplicity without sacrificing functionality. Features like built-in portfolio rebalancing, commission-free trading, and automated reporting are packaged within a single interface, which minimizes the need for third-party integrations and reduces the friction of daily operations. That design ethos has resonated particularly well with emerging firms and younger advisors building their businesses from scratch.
Still, breaking into the custodial market is notoriously difficult. Advisors tend to be fiercely loyal once a provider earns their trust, and operational consistency is table stakes. Yet Altruist’s growth trajectory suggests it is executing well on both product delivery and service.
The firm’s decision to keep advisor headcount and asset figures closely held may reflect a focus on controlled, scalable growth over headline metrics—something that may appeal to institutional investors focused on unit economics and retention over vanity metrics.
From a broader industry lens, the rise of Altruist may mark the beginning of a more competitive and advisor-centric custodial era. While Schwab’s acquisition of TD Ameritrade consolidated a significant portion of the RIA channel, it also created new gaps in service expectations and technology customization that startups like Altruist are trying to fill.
As more advisory firms reassess their custodial strategies—particularly in light of evolving client needs and higher expectations for digital service delivery—alternative custodians may find greater opportunity to win share among firms historically viewed as "stickiest" in the industry.
Jason Wenk, Altruist’s founder and CEO, has previously noted that his goal is to create the first modern custodian purpose-built for RIAs. That mission continues to resonate as industry demographics shift and firm consolidation accelerates.
Advisors increasingly want more than transactional custodial relationships—they want platforms that support their brand, scale with their business, and enhance client experience.
For RIAs evaluating custodial partners, the calculus is changing. Price and service still matter, but now so does platform innovation, M&A support, back-office simplicity, and the ability to adapt to future advisor needs. Altruist’s latest funding round reinforces that institutional capital is betting on those shifts—and that the era of advisor choice in custody is far from over.
