Altruist Welcomes Bone Fide Wealth, a $100M Millennial-Focused RIA, to Its Platform

Forward-thinking New York advisory firm chooses Altruist's modern custodian platform to enhance client experience and empower the next generation of investors

LOS ANGELES--(BUSINESS WIRE)--Altruist, the modern custodian for independent registered investment advisors (RIAs), today announced that Bone Fide Wealth, a New York City-based wealth management firm with approximately $100 million in assets under management, has joined the Altruist platform.

Founded by Douglas Boneparth, CFP^®, Bone Fide Wealth is nationally recognized for serving high-achieving millennials and young families. To better meet the expectations of their tech-savvy clients, Boneparth switched to Altruist.

“When we tested Altruist, it was night and day: old tech rails versus new tech rails,” said Douglas Boneparth, President of Bone Fide Wealth. “It streamlines everything, and that’s exactly what we need to keep delivering for millennials now and Gen Z in the future.”

With Altruist, account opening and implementing direct indexing went from a multi-step process to just a few intuitive clicks. By consolidating portfolio management, trading, reporting, and billing into a single environment, Altruist is saving the firm significant time and eliminating the need for multiple third-party tools. On average, RIAs reclaim 10 hours each week when they switch from a legacy custodian to Altruist.

Heather Boneparth, Director of Business and Legal Affairs, emphasized that the switch aligns with the firm's goal of making finances more inclusive for couples and families. "It’s scary how often one partner controls the logins while the other is left in the dark,” Heather said. “You can’t call it comprehensive planning if both aren’t at the table. With Altruist, both partners can easily log in, see the same information, and stay equally engaged in their financial lives.”

Now, Bone Fide Wealth is positioned to keep delivering on the mission it was built for: helping millennials and future investors navigate life’s most dynamic decades.

"We are thrilled to welcome Bone Fide Wealth to Altruist," said Jason Wenk, Founder and CEO of Altruist. "Doug and his team have built an incredible practice by putting clients first and embracing innovation. The future of financial advice is all about access – access to great advice, access to intuitive technology, and access for more people to participate in their financial lives."

About Altruist

Altruist is the modern custodian for independent RIAs, offering a fully integrated digital platform that makes managing investments and serving clients simpler and more affordable. Altruist combines a self-clearing brokerage firm with intuitive software for account opening, trading, reporting, and billing. With Altruist, financial advisors can create custom portfolios, trade fractional shares, automate rebalancing, and provide clients with a sleek web and mobile app experience. Learn more at altruist.com.

About Bone Fide Wealth

Bone Fide Wealth, LLC is a boutique wealth management firm based in New York City, specializing in helping millennials and young professionals achieve their financial goals. Founded in 2016 by Douglas Boneparth, the firm manages approximately $100 million in client assets, providing comprehensive financial planning and investment management services.

Douglas sits on advisor councils for CNBC and Investopedia, and serves as a CFP Board Ambassador. Douglas and Heather Boneparth are the co-authors of The Millennial Money Fix (2017) and an upcoming book, Money Together (2025). For more information, visit bonefidewealth.com.