(Crowdfund Insider) Alto recently named Amin Dabit as their Chief Operating Officer.
Dabit has joined the next-gen alternative investment IRA custodian amid “significant growth” according to an update and detailed discussion with Crowdfund Insider on Thursday (August 19, 2021).
Alto Solutions, Inc. (Alto), the next-gen self-directed IRA platform that “makes it easy for individuals to access and invest in alternative assets using their retirement funds,” had revealed earlier this month that Amin Dabit would take on a key leadership role as Chief Operating Officer.
Dabit’s appointment has come after a period of steady business growth for Alto and the firm’s $17 million Series A round that was led by Unusual Ventures. In May of this year, LendingClub Corporation selected Alto as their new preferred IRA custodian for LendingClub IRA account holders.
Dabit brings over 15 years of industry experience in the financial services and wealth management sectors to Alto, most recently as VP of Advisory Service at Personal Capital. In his new role at Alto, Dabit will “spearhead strategy development as well as the execution and scaling of the business during its current phase of rapid growth.”
Eric Satz, Founder and CEO of Alto, stated:
“Amin has a deep understanding of the friction between custodians’ traditional offerings and investors’ rising demand for new ways to diversify their portfolios. In addition to his operational expertise and vision for driving innovative products into the market, Amin brings valuable perspective and steady leadership to our rapidly growing team. He will be instrumental to Alto’s ongoing work to expand access to alternative assets through our easy-to-use, low-cost platform.”
Before joining Personal Capital, Dabit worked as a financial advisor and also in key client service roles at Merrill Lynch and UBS Financial. Among his accomplishments, Dabit has “played integral roles in developing and championing new processes and technology that improve and optimize the experience and offerings for advisors and their clients,” the announcement noted.
Dabit remarked:
“Throughout my career, it has been abundantly clear that investors want more control over investing their retirement funds, specifically in regards to alternative assets. Additionally, advisors are constantly looking for new ways to diversify their clients’ portfolios and that has now accelerated due to increased demand. The industry is ripe for disruption, and I believe Alto is at the forefront of democratizing access to alternative assets. Its innovative technology has the potential to change the future of wealth management as we know it today.”
Within the past year, the total number of funded accounts on Alto’s platform have grown over 10x, the company told CI.
Notably, the firm has expanded its Alto CryptoIRA offering with the additions of crypto-focused fund managers Bitwise, Grayscale, and SkyBridge Capital to its platform, as well as a new partnership with Eaglebrook “to enable seamless investment in bitcoin from retirement accounts for independent financial advisors.”
As previously reported, Alto is a Nashville-based Fintech that launched its next-gen self-directed IRA platform in 2018 to “make it easy for individuals to access and invest in alternative assets using their retirement funds.”
Alto’s platform “streamlines the process for investors, investment funding portals, and investment sponsors alike.”
Alto’s investment partners reportedly include AngelList, Coinbase, EquityZen, Masterworks, Republic, and Wefunder. The firm also works with financial advisors, fund sponsors, and other direct issuers. Alto is “not a registered broker-dealer or investment advisor.”
