FAQs - Managing My Account
Any legal resident of the United States who is 18 or older, has a social security number, and a verified U.S. address can open an account.
Yes. The account minimum is $1,000. This amount allows us to build you a sophisticated portfolio and allows new contributions into all investment accounts including IRAs. Accounts less than $1,000 can be closed at our discretion.
Login to your existing account and select, “Risk Tolerance” from the sidebar menu. This will take you to the risk questionnaire where you can update your answers and change your portfolio. There is no charge for this and we will update your portfolio as soon as possible.
You should do this whenever a change occurs in your investment time horizon, risk tolerance or goals for the money. Please keep in mind we are a long-term investment solution, not a trading account. We recommend you only change your investment profile if something material changes in your life.
Please do not change your profile to try and time the market. Your account is fully managed by Altruistic Investing and this may limit our ability to provide downside protection and long-term growth.
You can fund your Altruistic Investing accounts using multiple methods:
1. You can facilitate account transfers from other Financial Institutions by submitting a transfer form and account statement from the relinquishing institution. Please call us to help with this process.
2. You can send cash from your bank by logging into your account at Altruistic Investing and selecting, “Bank Transfer.”
3. Checks can be deposited directly to your account by mailing the check to Apex, Altruistic’s custodian, at the following address:
APEX Clearing Corporation
350 N. St. Paul Street, Suite 1300
Dallas, Texas 75201
Any check sent directly to Altruistic Investing will be promptly returned to the sender. All checks need to be sent to our custodian, Apex.
An ACH transfer is money moving from a bank account to an investment account at Altruistic Investing. It is usually completed in 2-3 business days. However, for security purposes you must first link your bank account and go through a verification process.
We always try to invest your assets as soon as possible but it depends on how they are received. If we receive a transfer of securities from another institution through the Automated Customer Account Transfer (ACAT) system we normally invest as soon as the positions are settled into the account. For an account that has been funded via ACH or Check, we will normally wait 2-3 business days to invest the money after it has been settled. We do this to protect you in case the bank recalls the funds for any reason.
Yes. You can setup ACH deposits from your bank to occur one time, or on a reoccurring basis. This can be a great tool for saving and you can think of it as “paying yourself first.”
You can open as many accounts as you need.
Your money is held at a Securities Investor Protection Corporation (SIPC) insured custodian called Apex Clearing. 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.
You can login into your account at www.altruisticinvesting.com. You can withdraw the cash balance at anytime. If you have enough settled cash in your account to withdraw the needed funds, then an ACH can be completed within 2-3 days, and a wire within 1 business day. For example, if your account has $100 in settled cash and you request a $100 withdrawal, we will not need to sell any securities, saving 3-4 days of processing time and allowing us to send the ACH right away.
However, if you request $400, and there is only $100 in settled cash, we will need to sell securities to free up the additional money. In this scenario, you will need to contact us and we will sell the needed positions to get the required cash. You can expect the funds in your linked bank account w/in 5-8 business days depending on the day and time of your request.
IRA Distributions can also be made using the IRA Distribution Form.
First, it takes 3-4 business days for security trades to execute and settle in your account. Then it takes 2-3 more business days for the funds to arrive in your bank account, depending on your bank. For this reason, we advise you to try and plan withdrawals ahead of time before needing to access the funds in the near future.
We can facilitate you opening many different account types. Please see the list and description below of the available options:
Individual – Taxable
An account owned by one person. Any income earned (including dividends), is subject to income taxes to be paid that year. The taxes can be offset with any losses realized in the same year.
Joint (Rights of Survivorship)
A surviving member will inherit the total value of the other member’s share of account assets upon the death of that other member. All members of the account are afforded the power to conduct investment transactions within the account as well.
Joint (Tenants in Common)
A surviving tenant does not necessarily acquire the rights and assets of the deceased person. Each tenant determines how their share will be distributed upon death.
Joint (Community Property)
Community property accounts are owned by two married people who have acquired the property in the account during their marriage. In the instance of death or divorce, the property in the account is divided in half and ownership is split between the two account holders.
Only nine states allow community property accounts: Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington and Wisconsin
Joint (Tenants by Entirety)
An account for married couples. The consent of both spouses is required for any action to take place in the investment account. If one spouse, passes away, the other inherits the entire account. Only the following states allow tenants by entirety (outside of real estate or homestead property): Arkansas, Delaware, District of Columbia, Florida, Hawaii, Maryland, Massachusetts, Mississippi, Missouri, New Jersey, Oklahoma, Pennsylvania, Tennessee, Vermont, Virginia, Wyoming.
IRA (Individual Retirement Account)
Allows individuals to save for retirement that gives you tax advantages. You can contribute if you have taxable compensation but not after you are age 70½ or older. Pretax income, subject to specific annual limits, can be directed towards investments that can grow tax-deferred (no capital gains or dividend income taxes). Contributions to the Traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status and other factors. Withdrawals in retirement are subject to ordinary income tax rates.
Allows individuals to save for retirement that gives you tax advantages. You can contribute at any age if you have taxable compensation and your modified adjusted gross income is below certain amounts. Income, subject to specific annual limits, can be directed towards investments that can grow tax-deferred (no capital gains or dividend income taxes). Contributions to the Roth IRA are not tax-deductible. You can withdraw your contributions at any time with no penalties and withdrawals are tax-free.
Allows individuals to transfer assets from their former employer’s retirement plan, such as a 401(k), 403(b), 457, or Thrift Plan when they change jobs or retire without having to pay any taxes or penalties. You can either transfer an existing Rollover IRA to Altruistic Investing (i.e. an IRA that has already been rolled over from an employer sponsored account), or rollover an employer sponsored account to a new Rollover IRA account.
A Savings Incentive Match Plan for Employees (SIMPLE) IRA may be established by an employer (self-employed or small business with fewer than 100 employees) to offer retirement plans to employees.
A Simplified Employee Pension IRA may be established by an employer (can be self-employed) that can make equal tax-deductible contributions on behalf of their eligible employees. In return, the employer is allowed a tax deduction for plan contributions. Employees’ earnings grow tax-deferred until withdrawn.
Inherited Traditional IRA
This is a Traditional IRA (see definition above) that has been inherited – e.g you were named as the beneficiary on the IRA account of someone who has passed it onto you.
Inherited Roth IRA
This is a Roth IRA (see definition above) that has been inherited – e.g. you were named as the beneficiary on the IRA account of someone who has passed it onto you.
Trust & Custodial
The Uniform Gifts to Minors Act (UGMA) is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian’s name for the benefit of the minor without an attorney needing to set up a special trust fund.
An act that allows a minor to receive gifts such as money, patents, royalties, real estate and fine art, without the aid of a guardian or trustee. Under UTMA, the gift giver or an appointed custodian manages the minor’s account until the latter is of age (usually 18 or 21). The Uniform Transfer to Minors Act also shields the minor from tax consequences on the gifts (up to a specified value).
A trust whereby provisions can be altered or canceled dependent on the grantor. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries.
A trust that can’t be modified or terminated without the permission of the beneficiary. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.
A trust that is created through explicit instructions in a deceased’s will. A testamentary trust goes into effect upon an individual’s death and is commonly used when someone wants to leave assets to a beneficiary, but doesn’t want the beneficiary to receive those assets until a specified time. Sometimes referred to as a will trust or trust under will, testamentary trusts are irrevocable.