This guide walks you through opening your Altruist account and explains what to select at each step. You can watch the video below, or use the step by step walkthrough.
Watch this video for how to complete your fast and easy setup
Step by Step Walkthrough:
Step 1: Start Your Application
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Select "review" in your email invite to get started
Step 2: Create your login
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Setup your username and password
Step 3: Enter Personal Information
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You’ll be asked for:
- Name, address, Social Security number
- Employment and income details
- Standard disclosures
Step 4: Account Details
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Source of Funds
- Typically: Employment Income
- Use something else only if applicable (inheritance, gift, etc.)
- Purpose of Account
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Brokerage accounts: Investing with occasional withdrawals
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IRAs: Retirement
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Step 5: Additional Contacts (Optional, but Recommended)
Beneficiaries
- Who receives the account if something happens to you
- Especially important for IRAs
- For joint accounts: you can list each other or add contingent beneficiaries
Trusted Contact
- This is someone Altruist can reach out to if they’re unable to contact you
- This person does not have access or control over your account
Step 6: Link a Bank Account (optional)
Link a bank account to fund your account.
Options:
- Enter routing and account number manually
- Use Plaid to connect securely using your bank login
Final Step: Sign & Open
You’ll see several agreements and options. Below is information about each options.
- Altruist customer agreements and disclosures: Agree
- Advisor disclosures: Acknowledge
- Electronic delivery: Agree
- Fully Paid Lending Program (optional): This is an optional way to earn extra income on investments.
This program allows Altruist to temporarily lend out certain stocks or ETFs you own to other market participants. In return, you may earn a small amount of additional income. You still own your investments and can sell them at any time. You can also opt-in or opt-out at any time.
If you are unsure, please leave unchecked, and discuss it with your advisor on your next call. - Dividend Reinvestment (DRIP): This is asking if you would like your dividends to automatically reinvest instead of sitting in cash.
- Recommendation: Agree
- Bank Sweep Program: This allows any cash in your account to earn interest while it’s waiting to be invested. If you don’t select this, your cash will just sit in the account without earning interest.
- Recommendation: Agree
