Nick Beim

Thoughts on the Economics of Innovation

With Vanguard and Venrock as Backers, Altruist Is Taking Careful Aim at RIA Custody Power

Altruist crept, then leaped, then leapfrogged over Pershing, the No.3 custodian in practice count, by leveraging Pershing as a chief accomplice to help usurp its ranking. The Los Angeles RIA custody fought and scratched to 1,747 RIAs – with 400% growth in 2022 – in the first five years since its 2018 start-up, before announcing it is swallowing its larger, older 1,600-RIA competitor, Shareholders Service Group (SSG).