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The deal would give the $12 trillion asset manager a larger foothold in independent financial advice through Altruist's custody and technology platform
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Vanguard Group agreed to acquire Altruist, a wealth technology and custody platform serving independent financial advisers, the companies announced Wednesday. The transaction is worth around $4 billion, according to The Wall Street Journal.
Altruist's platform combines a self-clearing brokerage with tools covering account opening, trading, portfolio management, billing, and reporting for independent wealth-management firms. The company competes with Charles Schwab $SCHW and Fidelity Investments in providing custodial and administrative services to independent financial advisers, according to the Wall Street Journal.
