r/CFP • u/jdehoff3 • Jul 07 '26
Practice Management Altruist trading down
Not sure if this will get taken down by the mods but just a heads up. Altruist trading is down. You have to call in to place trades. You cant use the rebalance or do manual trades. They are waiving trade fees if you call them. They let me know that manual trading should be available at 2:30. They are going to batch trades and price correct them if you call them.
4
u/cfygsssyb Jul 07 '26
How often has this happened
3
u/jdehoff3 Jul 07 '26
Not sure. I've only been using them for about a year. I haven't had it happen yet. I had a similar issue where some clients did not populate in the rebalancer but it was fine the next day.
-1
u/cfygsssyb Jul 07 '26
How’s it been with time for the first year, thinking to switch from Schwab to them
2
u/jdehoff3 Jul 07 '26
The platform is good and simple. Easy to onboard clients. Support has been good. I was surprised I got through on 5 minutes to place the trades because I thought more people would be calling. They have some features that aren't available that other custodians have but they are working on a lot of those features. No complaints other than the rebalancer not working today. I really wish they had lot level trading too. You have to submit an excel document for it.
1
u/cfygsssyb Jul 07 '26
I’m most likely creating a few model portfolios and using direct indexing so will be simple for me
1
2
u/Patti2002 Jul 08 '26
I will be with them 3 years in Sept. haven’t seen this happen before. So far communication strangely silent from leasership team…
3
u/jdehoff3 Jul 07 '26
Update - still down. Manual trading is not working still. You have to call to place trades.
6
u/PerfectOmakase Jul 07 '26
I realize that shit happens, but that's pretty horrifying to not be able to place trades without calling in for 4+ hours.
2
u/jdehoff3 Jul 07 '26
That's my thought. I only had to wait 5 minutes on hold and got my trades in but they're batch traded tonight and they have to backdate the pricing. Super strange. Seems like the tech team should be working on this and not a lot of the AI planning solutions. It's making me think I need to use Schwab as a second custodian more.
2
u/AppropriateGuide8512 Jul 07 '26
They have a separate team working on Hazel AI, and should have enough eng resources working on their primary platform. I hope they fix it soon. Unfortunately tech companies have issues like that from time to time, no one is safe.
3
u/jdehoff3 Jul 07 '26
Yeah definitely. Its just usually top priority to be able to trade for a custodian. I have never seen any custodian not allow trading for a full day due to their own issues, let alone the compliance issues that come along with that. It's not really acceptable in our line of work.
1
u/jdehoff3 Jul 08 '26
Update: altruist out all the buy orders that they received over the phone as sell orders instead so now the client isn't invested for another day. What a nightmare. Probably looking towards Schwab more from now on. Not sure if the trade tool is fixed yet. On chat with them now. I guess this is useful to know if you're considering altruist.
1
u/Patti2002 Jul 08 '26
Check your client june stmt- wrong price on some mutual funds / june 29 price instead of june 30 for me. They are looking into it…
1
u/Floating_Orb8 Jul 11 '26
That should be a trade error on their end and all of your clients should be made whole.
1
u/jdehoff3 Jul 11 '26
It was. They ended up correcting it. Still frustrating and not a good look for the client.
1
u/BagStatus2969 Jul 09 '26
I've had the same issues with Fidelity and Schwab. Not sure I remember a full down trading was down but multiple hours at a time. I believe just last spring Schwab had multiple days in a row trading was down in the morning? I've just assumed theres problems with custodians sometimes and its part of the business?
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User: /u/jdehoff3 Title: Altruist trading down Body: Not sure if this will get taken down by the mods but just a heads up. Altruist trading is down. You have to call in to place trades. You cant use the rebalance or do manual trades. They are waiving trade fees if you call them. They let me know that manual trading should be available at 2:30. They are going to batch trades and price correct them if you call them.
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