Altruist Acquires Shareholder Services Group

Altruist's acquisition of Shareholder Services Group is expected to boost Altruist's status in the competitive custodial business significantly.
Chief Executive Jason Wenk told InvestmentNews that the deal elevates Altruist to the No.3 spot in the industry, behind Fidelity and Schwab, regarding the number of RIAs being served by the custody platform. Shareholder Services Group 1,6000 advisors will join Altruist, pushing its headcount to 3,000.
According to Wenk, the acquisition enhances Altruist's mission to make financial advice better and more accessible to everyone. Wenk believes the firms have a strong alignment on the substantial value financial advisors add to their clients.
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