In the ever-evolving world of financial technology, a fascinating development has emerged from the heart of Texas. Holistic Planning, a newly established RIA, has taken a bold step by creating its own AI-powered operating system, HolisticOS, and partnering with Altruist as its preferred custodian. This move is a testament to the firm's innovative spirit and a potential game-changer for the industry.
The Birth of HolisticOS
Holistic Planning's journey began with a team of former Edward Jones advisors who were eager to bring their expertise to the independent space. However, their initial experience with the technology available left them disappointed. Jason Barber, the founder and CEO, expressed his frustration with the fragmented nature of existing solutions, describing the concept of a 'tech stack' as outdated.
"When I hear the word integration, I'm like, 'No, I don't want that anymore.' Integration is like duct tape." - Jason Barber
This dissatisfaction fueled their ambition to create a unified platform, and thus, HolisticOS was born. By leveraging Altruist's real-time APIs, they integrated custodial infrastructure directly into their software, eliminating the need for multiple logins and streamlining the advisor's workflow.
A Holistic Approach to Wealth Management
HolisticOS aims to provide advisors with a comprehensive suite of tools, including account opening, CRM, portfolio analysis, and even tax and estate planning. By integrating with Altruist, Microsoft, and Zoom, the platform offers a seamless experience, allowing advisors to manage their clients' financial journeys efficiently.
One of the standout features is the real-time API integration, which enables advisors to perform critical tasks like sending money, updating beneficiaries, and changing addresses directly within the software. This level of integration is a game-changer, as it significantly enhances the advisor's ability to respond promptly to client needs.
The Future of Custody and AI
Altruist's alternative investments marketplace was a key attraction for Holistic Planning. The ease of transferring alternative investments business to Altruist, coupled with its digital-first approach, has streamlined the process. Barber's experience of moving a client from Schwab to Altruist in just 90 seconds is a testament to the efficiency and convenience Altruist brings to the table.
Furthermore, HolisticOS has its own AI agent, setting it apart from Altruist's Hazel platform. This decision showcases the firm's commitment to innovation and its belief in the potential of AI to enhance wealth management.
A New Era for RIAs
Holistic Planning's bold move signals a shift in the industry. By building their own operating system and partnering with forward-thinking custodians like Altruist, RIAs can now offer a more holistic and efficient service to their clients. The firm's decision to make HolisticOS available to other RIAs is a generous move, indicating their belief in the power of collaboration and shared innovation.
As the financial industry continues to evolve, initiatives like HolisticOS and partnerships with innovative custodians like Altruist will shape the future of wealth management. It's an exciting time, and I, for one, am eager to see how these developments will impact the industry and, more importantly, the experience of advisors and their clients.
