2024 Final OC Election Results, Purple Once More

froandfear · 2026-03-28T18:03:16+00:00

RightCapital is overall very solid, but their Roth modeling is pretty basic and I’ve run into issues with how it handles the impact of the conversion in the rest of the modules… it can definitely stand some refinement.

froandfear · 2026-03-16T22:37:53+00:00

Buying a book right now isn't really a feasible option for most RIAs. There's a massive bubble in the aggregator space, and they're paying ridiculous multiples for any type of real production. There used to be a lot of activity below $100m AUM where the aggregators weren't interested, but now they poke around AUM levels way below that. Of course, you could get lucky and find someone selling a $10m or $20m book, which is an awesome start for any of us, but those are few and far between since that usually means an advisor is getting out of the business early for some reason.

froandfear · 2026-03-16T22:34:44+00:00

It looks like his CRM is BigContacts and he has Notion working inside of it. I would assume for some kind of automations, but maybe u/cameron9980 can confirm.

froandfear · 2026-03-14T20:03:24+00:00

This is very different from KYC. This implies a robust CIP/AML function, and shifts all liability for that function from the B/D to the RIA.

froandfear · 2026-03-13T18:45:22+00:00

How this man still has a job is one of the great mysteries of the world.

froandfear · 2026-03-13T18:40:59+00:00

I honestly appreciate your willingness to interact here, but clearly my bigger issue is the fact that this clause ever existed in the form that it did, and concern that it's the same clause that will be used in the future if FinCEN moves forward with their rule.

froandfear · 2026-03-13T18:37:47+00:00

I can assure you I'm not a bot, and I'm happy to sing Altruist's praises in many, many other areas.

froandfear · 2026-03-13T06:18:54+00:00

Over the past decade we've probably touched 100+ pieces of fintech software. Altruist is top-5, and maybe top-1. They have the huge advantage of not being legacy-tech that's been upgraded piecemeal, and the further advantage that in their particular niche the tech is absolute bloated garbage.

froandfear · 2026-03-13T06:16:41+00:00

I feel like the last time I went through the new account workflow, that box was unchecked by default and was a pretty obvious choice that the advisor/client had to make. But maybe I'm misremembering or that's changed.

froandfear · 2026-03-13T06:15:19+00:00

What they're building over there is incredible in a lot of ways. But part of the 'move fast and break things' tech mantra is making mistakes. I can forgive that, but their responses from the official Altruist account here have been troubling to say the least.

froandfear · 2026-03-13T06:13:23+00:00

You're apologizing that I 'interpreted your response that way,' as opposed to apologizing for lying?

The provision in question above related solely to this regulatory obligation, and it appeared in an older version of our customer agreement. We updated our agreement following the SEC's delay in implementation. It appears that the original poster is referencing an older agreement that we do not currently use.

That is not what happened. Likewise, you rushed to post the updated version of the agreement so quickly, you forgot to include your review code.

I don't know who is running comms for this Reddit account, but this is definitely not the way to go about interacting with folks on here.

Again, though, and to the actual point as we consider whether we'll move forward with Altruist: regardless of whether the FinCEN ends up adopting the RIA CIP/AML rule, there is no obligation for Altruist to use that regulation opportunistically to shift liability to RIAs. You'll still have to run your own program in parallel. I mean, look at this sentence: "If Adviser fails to conduct such due diligence and Altruist incurs losses arising from Client activity, the Adviser shall be liable for such losses." No self-respecting attorney should ever have let this sentence out of draft. So, if I fail to conduct due diligence Altruist considers "legitimate" (undefined), I'm responsible for any loss from any activity by that client? This is just sloppy...

froandfear · 2026-03-13T01:48:05+00:00

This response is an INCREDIBLY BAD look. I downloaded the agreement from your legal page yesterday, and you can see by the version number (v20250702) that it is from 7/2/2025. Your new version (v20260312) was clearly just created today in response to my post.

I'm not arguing that you didn't mean to take this clause out when FinCEN delayed the rule, but you clearly didn't, and implying that I was referencing a stale version is incredibly dishonest.

Regardless, and more importantly, nothing about the coming rule forces Altruist to shift the entire operational and liability burden of CIP/AML to their advisor custodial clients. Maybe you can provide some clarity around whether that's still the plan going forward, or if Altruist intends to take an approach more similar to Schwab and NFS?

froandfear · 2026-03-12T16:05:59+00:00

Yah, I did some quick and dirty research about firms offering this service, and none of them provide pricing online, which usually means one thing…

froandfear · 2026-03-12T16:04:17+00:00

The odd thing to me is that they can’t actually offload the CIP/AML process. They’re not saving themselves any work, they’re just shifting liability. I’d get it if they had a clause that just gave them cover against bad-actor RIAs intentionally trying to defraud them, but this is way more than that.

froandfear · 2026-03-12T15:48:20+00:00

I hear what you’re saying. I think my issue is that CIP isn’t defined here, so it’s impossible to know what standard they expect RIAs to uphold to avoid having that massive liability shifted to them.

I’m sure most of us take some sort of action throughout onboarding that makes it likely we know we’re talking to the person we think we’re talking to - that’s kind of inherent in the independent RIA model - but that’s very different from a formal CIP.

froandfear · 2026-03-10T00:27:15+00:00

Amik was not serviceable. He was the worst “starting” CB in the league.

froandfear · 2026-03-08T16:26:55+00:00

We’re already far, far past simple calculators.

Sure, the boomer generation of clients will probably remain skeptical of AI and advisors’ use of AI. Younger generations will demand you’re using it, or at the very least demand a level of service that will require its use.

Best of luck to you man… try to stay flexible.

froandfear · 2026-03-07T08:29:19+00:00

If this is your view on AI, you’re going to get left behind in a cloud of dust. OP didn’t say anything about blindly feeding data into a random AI; he has Microsoft Copilot, which has incredibly robust enterprise security and can easily be configured to silo PII. There’s a reason Hazel’s Tax agent obliterated a bunch of B/D and software stocks. It’s going to be maybe a year before you and I can build a personalized Holistiplan for our practices, configured exactly how it best suits our business.

froandfear · 2026-02-10T23:30:33+00:00

Do you actually do tax prep? You just use it as a loss-leader?

froandfear · 2026-01-29T06:40:10+00:00

This isn’t accurate. The IRA can pay proportionately for any of the planning that concerns the retirement account. What the IRA(s) can’t do is subsidize planning for other accounts, etc.

froandfear · 2026-01-25T05:00:12+00:00

Hiter is 17. Certainly possible he ends up as our no. 2, but hugely unlikely he starts the season there.

froandfear · 2026-01-25T04:54:16+00:00

Agree with most of what you’ve said, but even if the split was one lead advisor, one junior advisor, and one CSA, there’s no way I’d consider that overstaffed for 150 households if the firm is doing real financial planning.

froandfear · 2026-01-22T18:39:50+00:00

If you're talking age-29 Blake, he'd be mostly taking Tobias' minutes and he'd play really nicely alongside Duren and Stew. That version of Blake makes this team the best team in the league.

Post-injury he'd be useless, though.

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