Bad Service leads to a New Custodian
I’m in the process of launching a new RIA and preparing my ADV. Over the past two years, I engaged with Altruist and initially received excellent guidance and support. While the onboarding process took longer than expected, I appreciated their responsiveness and innovation.
Recently, I reconnected with Altruist to move forward. Unfortunately, my interaction with a business development officer was disappointing. The conversation felt rushed and dismissive, which was surprising given our prior engagement. As someone who works in sales, I understand the need to qualify leads—but there’s a way to do that respectfully.
That experience prompted me to reevaluate my custodian options. In doing so, I came across Axos Advisor Services, whose team provided thoughtful, responsive service that aligned with my holistic wealth management model. It reminded me of the level of support I had once received from Altruist.
It’s ironic that after two years of planning, a single interaction led me to change course. But perhaps that moment reflects broader challenges—Altruist’s rapid growth may be straining its service infrastructure, as others have noted.
In the end, it worked out. I found a custodian better suited to my firm’s needs. I share this not out of frustration, but to help other advisors make informed decisions as they build their practices.