Altruist said Thursday it decided to eliminate the portfolio software accounting fee of $1 per month that it had been charging on all brokerage accounts.
The move was made "in alignment with its mission to make independent financial advice better, more affordable, and accessible to everyone," Altruist, a relative newcomer to the custodian space, said in a statement.
When advisors custody with Altruist, they now receive built-in performance reporting, fee billing, portfolio rebalancing, a modern client portal and portfolio accounting at no added cost, it noted.
"For most advisors, portfolio accounting software is the most expensive part of their tech stack," Altruist said.
Citing Michael Kitces, head of planning strategy at Buckingham Wealth Partners and co-founder of XY Planning Network and AdvicePay, Altruist said advisors are spending $40-$70 per account each year.
