Diamond Podcast: How Jason Wenk Built Altruist to Disrupt Custody
For decades, advisors have built their businesses on custodial infrastructure that was never designed to support how modern firms actually operate. In many cases, fragmented technology stacks, paper-heavy processes, and economic factors often benefit the platform more than the advisor or client.
Jason Wenk saw that firsthand.
Before launching Altruist, Jason built and scaled FormulaFolios from zero to over $4B in assets—giving him a front-row seat to what works, what breaks, and where traditional custody and technology create friction as firms grow.
Rather than layering another tool on top of an already complex system, Jason made a far more ambitious bet: to rebuild custody, technology, and economics from the ground up as a single, fully integrated platform.
In this conversation with host Louis Diamond, Jason pulls back the curtain on what it really takes to build a next-generation custodian, including:
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The myths around custody and brand—and why the next wave of growth may belong to firms willing to rethink the infrastructure they build on.
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Challenging long-standing assumptions around custody—and why Altruist built a vertically integrated solution from the ground up.
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The advantages of vertical integration—and why simplification, automation, and aligned economics are becoming essential to advisor growth.
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The real cost of complexity—and why so many advisors and business owners underestimate it.
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The value of AI and automation—and how Jason sees it will reshape the next-generation RIA.
It’s a thoughtful, candid look at the future of custody and what it means for advisors who want to build scalable, modern businesses.
Download a transcript of this episode…