BNY Pershing vs Altruist

BNY Pershing and Altruist both land on Depends.

BNY Pershing

Depends

Confidence: Medium

BNY Pershing is institutional clearing and custody for RIAs, broker-dealers, and hedge funds . a serious fit only if you run one of those.

Depends

Confidence: Medium

A strong fit for growth-stage, fee-only RIAs wanting custody, billing, trading, and AI tax planning on one modern platform.

BNY Pershing versus Altruist
Compare	BNY Pershing	Altruist
Verdict	Depends	Depends
Best for	RIAs needing full-service custody	Growth-stage fee-only RIAs
Who it's not for	Individual investors wanting a direct brokerage account	Individual retail investors . advisors-only platform
Privacy	FINRA fined Pershing $1.4M for data-governance reporting errors and a Massachusetts breach notification is on file; it is a regulated financial firm, not software with CVEs.^⁵	FINRA fine in March 2026 for alleged rule violations; publishes security disclosures; one 2025 breach report appears to involve a namesake Indian firm, not this Altruist.
Support quality	1.4/5 across 115 complaints	No reliable evidence
Public sentiment	Consumer review sites are brutal, while advisor discussions treat Pershing as a credible full-service custodian.^¹	r/CFP advisors mostly rave about the platform, though some report service problems and a minority have left for Schwab.¹²
Biggest gotcha	No published pricing . fees negotiated per relationship; expect subscription upsells for perks^⁷	Fee schedule launched, backlashed, then 'nuked' after an erroneous pricing email . verify current fees directly