Ex-Vanguard CEO McNabb, Ron Carson Invest in Altruist

"While the additional capital will help us realize our mission of making financial advice more accessible to everyone, the people that are joining us in this effort is what's most exciting," Wenk said in a statement. "It's an honor to have Bill join our board and the combined support from him and Ron Carson is really special."

Altruist will use the new investment for "continued growth and continued innovation to provide a modernized investment experience for independent advisors and their clients — in an industry that's struggled to keep pace with consumer technology," it said.

Altruist also recently hired Nachiket Shiralkar as chief technology officer. He had worked at the fintech lending platform Tala since December 2019, most recently as its chief technology officer, according to his LinkedIn profile.

Altruist last year released a mobile app on the App Store and Google Play that allows advisors to to keep track of their portfolios and open accounts on their mobile phones.

The first 100 client accounts on the platform are free, and additional accounts cost $1 a month.

Altruist is looking to expand its RIA offering and mobile app with new capabilities, and also "further enhance the client experience," it said Monday. To use Altruist, investors have to get access via their independent financial advisors.

— Check out Why Small Is the New Big for RIAs on ThinkAdvisor.