Cashiering
This is the most common type of cash movement request submitted by advisors.
Answer: Wire transfer
This program allows cash to be swept into multiple FDIC-insured bank accounts beyond the standard $250K limit.
Answer: IntraFi
What is our main operating bank?
BNY
Altruist is primarily designed to serve which type of financial professional?
Answer: Registered Investment Advisors (RIAs)
What is Danny's last name?
Do
True or False: A check deposit can be initiated the same day it is received if submitted before cutoff.
Answer: True
BNY and FIS are examples of what type of partner at Altruist?
Answer: Custodian / clearing partners
When posting a service advice charge, which account do you post to if it's BMO vs BNY?
BMO → 830000-0003 / BNY → 830000-0006. Use CSHGEN
What year was Altruist founded?
2018
Before Altruist, where did Danny work?
Bofa
This form is required for a one-time ACH pull from a client's bank account.
An ACH Authorization form
This type of account holds client funds temporarily before they are invested or disbursed.
Answer: Pending / settlement account
There's a break in Op3 due to an erroneous posting. What do you call it in bank recon and who do you notify?
Label it "Customer Treasury Posting Difference" and notify Rodney, Lisa, Alejandro, Mel, Beth, Salv, Justin, and Alexander.
Altruist is a member of which two regulatory organizations?
FINRA and SIPC
What is Danny's favorite food
Sushi
This is the maximum number of business days a standard ACH transfer typically takes to settle.
Answer: 3 business days
How many times is the liquidity sheet updated each day, and at what times?
3 times — morning (9:00 AM CT), afternoon (1:30 PM CT), and end of day (3:30 PM CT)
A check appears on the stop pay list but was still cashed. What went wrong and what's the first step to resolve it?
The stop pay wasn't entered properly in BNY. Reach out to the corresponding party to open a case for resolution and add it to the FIS tabs break.
What is Altruist's tagline/mission?
To make financial advice better, more affordable, and accessible to everyone
When is Danny's Birthday
Jan 4, 2001
An incoming wire can't be credited — what happens?
It gets returned and a return wire fee is charged.
In FPL, what does it mean when the calculation shows a 'withdrawal,' and which banks are prioritized first?
A withdrawal means money is taken OUT of the FPL collateral accounts. Customers Bank is reduced to its target first, then the remainder comes from Tri-State.
An ACH deposit hits Op2 with insufficient information to post. What are the steps to return it and what do you send to BMO?
Email BMO with the deposit amount, ordering customer name, bank reference number, date, and customer ref — then get Noah Adams to approve the return request before BMO can process it.
Before founding Altruist, Jason Wenk founded and scaled another RIA to over $1 billion in AUM. What was it called?
Retirement Wealth Advisors
What does Danny do when he finds a break in bank recon that he can't explain?
Asks Duy