Vanguard to Acquire Altruist, Expanding the Reach and Impact of Financial Advice
The digital wealth platform will keep operating separately as Vanguard expands advice services for independent financial advisers.
- On Wednesday, Vanguard Group announced it will acquire Altruist, an AI-driven custody and software platform for independent financial advisers, intensifying its wealth-management expansion efforts.
- Vanguard CEO Salim Ramji noted the deal combines complementary organizations to help advisers serve clients better, positioning Vanguard to compete against custody businesses of Charles Schwab and Fidelity.
- The Wall Street Journal reported the transaction is worth roughly $4 billion, though official terms remain undisclosed; Altruist will continue operating as a separate business under Vanguard's ownership.
- Featuring an AI component called Hazel, the Altruist platform reads custodial data, CRM, email, and notes to draft client plans while allowing advisers to manage accounts and bill directly.
- Expected to close later this year, the deal builds on Vanguard's growth strategy; the firm managed about $12 trillion in assets as of March 31 and previously acquired Just Invest in 2021.
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Vanguard is acquiring Altruist, the AI custody platform it backed six years ago
Vanguard has agreed to acquire Altruist, an AI-driven custody and software platform for independent financial advisers that it first invested in during 2020, on undisclosed terms. Britain and the EU are addressing the same shortage of advice through rule changes rather than acquisitions. Vanguard is buying the platform it helped fund. It has agreed to […] This story continues at The Next Web
Vanguard to acquire Altruist in $4 billion wealth-tech deal
Vanguard Group is set to acquire fintech platform Altruist in a deal that will expand the asset manager’s access to independent financial advisers and strengthen its wealth-management business. The companies announced the agreement on Wednesday. Financial terms were not disclosed, but The Wall Street Journal reported that the transaction is worth roughly $4 billion, citing people familiar with the matter. Founded in 2018, Altruist provides techn…
Vanguard strikes deal for fintech platform Altruist
Aug 26 (Reuters) - Vanguard Group said on Wednesday it would acquire fintech platform Altruist, giving the asset manager greater access to independent financial advisers and expanding its wealth-management capabilities. Here are some more details:
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