Ep 350: The RIA Custodian As The All-In-One Investment Operating System Of The Future With Jason Wenk

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 12 September 2023

⏱️ 111 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jason Wenk is the CEO of Altruist, a newer RIA custodian that has quickly grown to serve more than 3,500 advisory firms and has become the fourth-largest independent RIA custodian by firm count. In response to the inefficiencies he encountered with existing RIA custodians while building his own TAMP a decade ago, Jason developed an 'all-in-one' custodian platform for RIAs, which incorporates portfolio management and performance reporting software.

Listen in as he shares his journey and his all-in-one solution for RIAs, leveraging his experiences as an engineer, RIA owner, and TAMP owner to offer advisors core investment systems at a lower cost. You'll hear about his early business ventures that led him to launch his own RIA, as well as how a client's question about a fixed index annuity sparked a niche content marketing strategy that attracted hundreds of prospects per month. We also discuss Jason’s belief in the application of the fiduciary standard to vendors serving advisors, his gratitude for the experiences that prepared him for launching Altruist, and his passion for creating better industry standards to make financial advice accessible to all.

For show notes and more visit: https://www.kitces.com/350

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:06.8	financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading
0:12.1	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.2	and get insight from leading industry consultants about how to break through to the next
0:21.9	level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:28.6	Welcome to the 350th episode of the Financial Advisor Success podcast. My guest on today's podcast is
0:34.7	Jason Wink. Jason's the CEO of Outterist, a relatively new RIA
0:38.9	custodian that's quickly grown to serve more than 3,500 advisory firms across the country,
0:43.5	making it the fourth largest independent RIA custodian by firm count. What's unique about Jason,
0:49.1	though, is how he built Altruist as an all-in-one custodian platform for RIAs that includes the portfolio management
0:55.6	portfolio performance reporting software that most advisory firms have to purchase separately.
1:00.3	As Jason found Wally, he was building his own TAMP a decade ago, that the limitations of current
1:04.7	RIA custodians made it impossible for his TAMP to build technology that would really make
1:09.3	his own middle and back office teams more
1:11.1	efficient. So Jason decided to build an RIA custodian and solve that gap for everyone else as well.
1:16.8	In this episode, we talk in depth about why Jason built altruists as a solution to help RAs based on
1:22.5	his own experience as an engineer and an RAA owner and a tampamp owner to leverage the economics of being an RIA
1:28.2	custodian in order to offer advisors their core investment systems at a lower cost.
1:32.9	How Jason leveraged many of the programs, infrastructures, and processes that he'd already built
1:37.1	when he owned his own RIA in Tamp to jumpstart altruists in the early years.
1:41.1	And why Jason believes that the future will inevitably involve RAA custodians
1:45.4	providing more and more of an advisor's technology stack for the simple reason that the economics
	...

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