Vanguard to acquire Altruist in bet on AI-powered financial advice

Vanguard is acquiring Altruist, an AI-enabled wealth technology and custody platform for financial advisors, in a deal aimed at expanding advisor technology and making financial advice more accessible.

The investment firm and Altruist announced a definitive agreement but did not disclose financial terms. The transaction is expected to close later this year following customary closing conditions and regulatory approvals.

Altruist provides technology and custody services designed around independent financial advisors, combining specialized talent, advisor relationships and tools intended to improve workflows and clients’ experiences. According to Vanguard, the acquisition will give Altruist greater resources to invest in its technology and custody business while providing Vanguard with greater reach into the independent advisor market.

Following the transaction, Altruist is expected to remain a standalone business with its existing leadership, brand and operating model. Vanguard said the arrangement is designed to preserve the company’s entrepreneurial culture and close relationship with advisors while supporting additional investment and innovation.

Vanguard has been an investor in Altruist since 2020, when it backed the company as part of an effort to increase competition in registered investment advisor custody, improve access to financial advice and generate better investor outcomes.