Business Transformation | 08.26.26

Vanguard Agrees To Buy Financial Advisor Platform Altruist for $4 Billion

by: Chris Tolomia

Vanguard has agreed to acquire Altruist, a wealth technology and custody platform serving independent financial advisors, for about $4 billion. The acquisition would expand Vanguard’s presence in the independent advice market and support CEO Salim Ramji’s strategy of diversifying the firm beyond its traditional low-cost index-fund business. Altruist provides brokerage, account-opening, trading, portfolio management, billing and reporting tools, competing with major custodians such as Charles Schwab and Fidelity. The company will continue operating independently under its existing brand and leadership after the deal closes, which is expected later this year pending regulatory approval. Vanguard first invested in Altruist in 2020 and plans to become an anchor client for portions of its platform. The deal underscores growing competition for independent financial advisors and their technology-driven wealth-management businesses.

Read the full article on Quartz