Vanguard acquires wealth management platform Altruist

Odaily Planet Daily News Bloomberg ETF analyst Eric Balchunas said this transaction is the second acquisition in Vanguard's history. Vanguard has rarely made acquisitions before, and after the deal is completed, 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 said advisory services are a "luxury" and expressed hope to expand the scope of services so that more people can access them.