Vanguard acquires wealth management platform Altruist

Odaily News: Bloomberg ETF analyst Eric Balchunas stated that this transaction marks only the second acquisition in Vanguard's history. Vanguard has rarely pursued acquisitions in the past, and upon completion of the deal, it will become a custodian and expand its advisory business coverage. Vanguard's advisory fees are lower than the industry average, ranging from 5 to 25 basis points depending on the minimum asset threshold; the vast majority of its clients are existing Vanguard fund investors rather than new external clients. Salim Ramji noted that advisory services are a "luxury" and expressed a desire to broaden the scope of these services to make them accessible to more people.