Funding Your Altruist Accounts

Funding Your Altruist Accounts

Altruist allows you to easily open and fund your accounts in just minutes. Whether you prefer using their mobile app or a desktop browser, you can conveniently fund your accounts, track your investment progress, review your portfolio holdings, and download important documents such as statements and tax forms with just a few simple clicks.

Quick Links


Funding Accounts From Your Bank Accounts

Linking your bank account allows you to initiate a transfer to fund your Altruist account(s). Here's how you can link your bank account:
  1. Log into Altruist
  2. Click on the gray circle with your initials in the top, right hand corner of the screen and select “settings”.
  3. Then switch from the "Profile" tab to "Accounts" in the top right quadrant of the screen
  4. On the left hand side of the screen will be a list of your Altruist accounts. Click on the account you would like to connect to your checking account
  5. Scroll down to the section titled "Funding Accounts" and click "Add Funding Account." 
  6. A window will pop up that says “Altruist uses Plaid to connect your bank account”
  7. From here, you will be prompted to use Plaid. Look up your banking institution and enter your online banking credentials. Plaid will instantaneously connect your accounts and allow you to make transfers to and from your bank and investment account.

Funding Accounts via ACAT Transfers

What is an ACAT Transfer?

An ACAT, or Automated Customer Account Transfer, is a system that makes it easy to move investments from one financial institution to another without needing to sell and repurchase them. This type of transfer allows you to directly move assets such as stocks, bonds, or other investments to your new account without creating a taxable event.


When Can You Use an ACAT?

ACAT transfers are commonly used for accounts like IRAs or brokerage accounts. If you have these types of accounts at another financial institution, we can initiate an ACAT transfer to bring your assets over to Altruist. This way, your investments remain intact, and you don’t have to cash them out or pay taxes on a sale.

Not all accounts qualify for ACAT transfers. For example, 401(k) accounts usually can’t be transferred through ACATS and instead require a rollover process using a paper check. We’ll guide you on the right steps for each type of account to ensure a smooth transition.

 
Steps to Fund Your Accounts via ACAT Transfers
  1. Upload Recent Account Statement(s): Please upload a recent statements for any investment accounts you are wanting to roll over to Altruist into your RightCapital vault to streamline the account transfer.
  2. Approve the ACAT Request: We’ll send an ACAT (Automated Customer Account Transfer) request to you to approve a direct transfer of funds to your Altruist account(s). When you receive an email titled “Please review this transfer,” simply review and approve it to start the process. Note on Expirations: Transfer requests expire after 14 days if not approved and are automatically canceled if not approved after 30 days. If your request expires, reach out to help@advisor.com to have the request resent.
  3. If for some reason we aren’t able to do an electronic rollover, your advisor will reach out to you to discuss next steps.

Funding Accounts With a Rollover Check

Some investment accounts cannot be rolled over electronically (like 401(k) accounts), and require a paper check. While the process may differ slightly depending on your prior plan administrator (e.g., Vanguard, Schwab), it’s still straightforward. Here’s how to proceed:

  1. Contact Your Previous Plan Administrator: Reach out to your prior employer or plan administrator (ex. Vanguard, Schwab) to request a direct rollover into your new Altruist account.
  2. Choose How Your Rollover Check is Issued: Depending on your plan administrator, you can choose one of the following options for your rollover check:
    1. Payable to “Altruist FBO [Your Name]” – Request the check be sent to your address, then mail it to Altruist with a completed Altruist Deposit Slip Form that your financial advisor will send to you.
    2. Payable to You – Request the check be made payable to you and mailed to your address. Once received, mail it to Altruist along with an Altruist Deposit Slip Form that your financial advisor will send to you.
  • Account Number in Memo Field - Checks for deposit must include the recipient client’s account number in the memo field on the check.
    • Checks without an account number will be returned to the sender or to the address of record. 
  • Contribution Year - For qualified retirement accounts, the contribution year should also be added to the memo line on the check.
  • Your Name - The name on the check should match the name on your account. 
  • Fund Availability - Checks will be held (for disbursement) for 3 business days for first party transfers and 5 business days for 3rd party transfers.  Funds should be available for trading on the day they are posted.
  • Payable To - Please ensure that checks are made payable to Altruist Financial LLC FBO <client name> as outlined below.
  • Certified Mail - As a best practice we recommend sending checks via certified mail to guarantee tracking and delivery.

Check Address

Check deposits are to be made payable to:

Altruist Financial LLC

300 S. Pearl Expressway

Suite 250 

Dallas, TX 75201

Remember to include your Altruist 8-digit account number and your name in the memo field. Also, specify the contribution year on your check for retirement contributions. 

Funding Accounts via Move Money Authorizations

 

Altruist offers clients the option to allow their advisors to move money on their behalf. Reach out to help@advisor.com if you would like to get this functionality setup.

  • Advisors Request Authorization - Your Financial Advisor will send you a digital Letter of Authorization to move money to and/or from Altruist brokerage accounts and linked bank account(s), as well as to complete internal transfers between your Altruist accounts.
  • Once you approve the authorization request, your advisor can create one-time and recurring ACH/internal cash transfers on your behalf.
  • Notifications - You will receive an email notification when a transfer is scheduled on your behalf. Advisors will also receive email notifications when deposits and withdrawals are completed and if scheduled transfers are canceled.

Both advisors and clients will have the ability to view and revoke transfer authorizations at any time.