Altruist Detroit Fintech

Jason Wenk and Altruist are Redefining the RIA Landscape

Entrepreneur: Jason Wenk, Founder and CEO, Altruist; Endeavor Board Member

Year Selected to Endeavor: 2017

Services Received from Endeavor: Investor introductions,  Endeavor Outliers, customized mentorship support, peer networks.

Jason Wenk is a fintech executive, writer, self-proclaimed math geek, and investment systems developer. He began his career at Morgan Stanley in NYC at age 20 as one of their youngest professional employees, working on investment research and asset management systems development. Jason entered the industry with a technology background, and one of his first experiences was to watch the stock market implode following 9/11.

During his time in New York, he also witnessed how underserved the everyday investor was. This motivated him to set off on his own and build Grand Rapids Michigan-based FormulaFolios: quantitative, computer-driven investment models based on academic research to help remove emotion from investing, and provide the average investor with the same world-class strategies as multi-billion dollar fund managers.

Jason Wenk has been deeply involved in the Endeavor community since 2017, when he was selected to be an Endeavor Entrepreneur as the Founder and CEO of FormulaFolios. Over time, FormulaFolios would go on to rank as an Inc. Magazine fastest-growing private company four years in a row, reaching as high as No. 10 in 2017, achieving a three-year growth rate of 13,927 percent and managing more than $3.2 billion in assets. 

In 2019, Jason founded his most recent venture, Altruist, a fast-growing fintech startup that raised a $50 million Series B from Vanguard Group in 2021. In 2023, Altruist became self-clearing, making it the only full-service custodian built exclusively for RIAs, and raised a $112M Series D round of funding. Altruist also grew its revenue by 1,700% from 2022 and is now the third largest custodian in the U.S.

Raised in West Michigan, Wenk is now based in Los Angeles, but feels strongly about the potential of Michigan’s entrepreneurial ecosystem. In 2022 he joined Endeavor’s Great Lakes Region board of directors to continue the virtuous cycle created when founders give back by building the infrastructure for aspiring entrepreneurs to follow in their footsteps. “Michigan is my home state and a place I care deeply about, says Wenk. “My wife and I own multiple businesses in the state (and other Great Lakes states) and hope to assist other entrepreneurs to dream big, succeed, and give back.”

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