The companies have entered into a definitive agreement for the acquisition, and they expect the transaction to close later this year, subject to customary closing conditions, according to the release.
Upon the closing of the transaction, Altruist will operate as a standalone business and will serve financial advisors across the industry, the release said.
Vanguard first invested in Altruist in 2020, saying it aimed to bring greater competition to the registered investment advisor custody space, make advice more accessible and deliver better outcomes for investors, per the release.
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
Vanguard CEO Salim Ramji said in the Wednesday press release that there is a gap between the number of people who could benefit from financial advice and the capacity to provide that advice. Technology can close that gap by enabling advisors to serve more people, Ramji said.
Altruist’s artificial intelligence (AI)-enabled technology meets the needs of both advisors and the investors they serve, Ramji said.
“As more investors in Vanguard funds choose to work with financial advisors, we see a significant opportunity to build on the strengths of two highly complementary organizations to help advisors serve clients more effectively and help more investors achieve financial security and peace of mind,” Ramji said.
PYMNTS reported in May 2025 that Vanguard sees data as a strategic imperative in today’s AI-driven economy. Ryan Swann, Vanguard’s chief data analytics officer, told PYMNTS that Vanguard is using data and AI to build enterprise-wide agility and accelerate value creation for itself and its clients.
Altruist Founder and CEO Jason Wenk said in the Wednesday press release that both Altruist and Vanguard believe that when independent advisors have better technology and lower prices, they can bring high-quality advice to more people.
Wenk said that Vanguard’s investment expertise and resources will enable Altruist to pursue that mission “with greater speed and reach.”
In a letter to Altruist’s advisors, clients, team and partners, which was posted on Altruist’s website, Wenk said: “Vanguard’s investment expertise and resources will give us greater capacity to build the advisor technology and custody capabilities our customers rely on. We’ll be able to solve more problems and help more advisors grow their businesses while delivering exceptional outcomes to their clients. For Vanguard, Altruist creates another way to support investors who choose to work with a financial advisor.”
Add as Preferred Source
