$900M Lifeworks Advisors Switches Custodial Partner to Altruist
Event summary
- $900M AUM Lifeworks Advisors selects Altruist as its custodial partner, replacing legacy providers.
- Altruist's platform reduces Lifeworks' administrative workload by $1,800 per client annually.
- Lifeworks serves over 2,000 households and focuses on technology-enabled advisory practices.
- Partnership supports Lifeworks' educational initiative, The Future of Advice® Academy.
The big picture
This partnership underscores the growing demand for tech-forward solutions in wealth management, as independent advisory firms seek to reduce operational friction and enhance client experiences. The shift away from legacy custodial providers highlights a broader industry trend toward digital transformation and cost efficiency. With $900M in AUM at stake, this deal could set a precedent for other mid-sized firms evaluating their custodial relationships.
What we're watching
- Market Disruption
- How Altruist's win will pressure legacy custodians to innovate faster.
- Scalability
- Whether Lifeworks can replicate this efficiency across its client base.
- Competitive Positioning
- The pace at which Altruist can attract more high-AUM firms from traditional custodians.
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