Vanguard said on Friday it has agreed to acquire Altruist, an AI-focused wealth technology and custody platform serving financial advisors, as part of a push to broaden access to financial advice.
The acquisition, for which terms were not disclosed, follows Vanguard’s initial investment in Altruist in 2020. The deal is expected to close later this year, subject to customary closing conditions and regulatory approvals.
Altruist will continue operating as a standalone business under Vanguard’s ownership, retaining its leadership, brand, advisor-centric model and distinct operating structure. Vanguard CEO Salim Ramji said the move aims to address a gap between investor demand for advisory services and industry capacity.
“Many investors in Vanguard funds choose to work with financial advisors, and far more people could benefit from access to financial advice than the industry can serve today,” Ramji said. “Technology can help close that gap by enabling advisors to serve more people and serve them better, while preserving the human judgment and relationships at the center of good financial advice.”
Altruist founder and CEO Jason Wenk said Vanguard’s investment expertise and resources would help scale the company’s mission more rapidly. The platform provides custody and technology services tailored to financial advisors.
