FAQs- Custodian

Who is your custodian and what is their purpose?

Apex Clearing is a custody and clearing engine that’s powering the future of digital wealth management. As a clearing firm, Apex delivers speed, efficiency and flexibility to firms ranging from innovative start-ups to blue-chip brands that choose to grow with them. Apex’s fully-integrated, customized solutions allow registered investment advisors (RIAs), digital advisors, fintech firms, broker dealers and full-service firms to provide the seamless digital experiences consumers expect and to reach more investors and serve them profitably. Founded in 2012 and based in Dallas – with offices in New York City, Chicago and Portland, Oregon – Apex Clearing Corporation is registered with the SEC, a member of FINRA, and a participant in SIPC. For more information, visit www.apexclearing.com.

We partner with Apex for a variety of reasons such as increasing the security of your investments and SIPC and FDIC insurance. We also believe that outsourcing custodial services better allows us to focus on investment management and asset allocation.

What happens if Apex goes out of business?

In the unlikely event that Apex were to become insolvent, your brokerage accounts are covered by SIPC insurance, SIPC insurance protects against losses stemming from the financial failure of SIPC member brokerage firms. SIPC insurance protects the securities and cash in a brokerage account up to $500,000 (which includes a limit of $250,000 protection for cash in an account). SIPC insurance protection for customers with multiple accounts is determined by “separate capacity” as defined by SIPC. A brochure explaining SIPC coverage is available on the SIPC website (www.sipc.org). SIPC insurance does not protect against investment losses from the decline in the market value of securities.

What happens if Altruistic Investing goes out of business or is acquired by another firm?

If Altruistic Investing were to go out of business or were to be acquired by another company, you would maintain complete control over your assets held by Apex, a SEC registered broker dealer that provides custody related services to clients within the Program. You would be free to add or withdraw money from your Apex account at any time.

Why do you use a custodian?

We partner with Apex for a variety of reasons such as increasing the security of your investments and SIPC and FDIC insurance. We also believe that outsourcing custodial services better allows us to focus on investment management and asset allocation. Altruistic Investing specializes in digital wealth management, Apex specializes in account servicing and custody.

Are my investments insured through SIPC?

Yes, SIPC insurance is provided on all investment accounts. This means your securities are insured up to $500,000 for each client (including $100,000 on claims for cash). SIPC covers against losses stemming from a member broker/dealer’s financial failure.