Vanguard acquires wealth management platform Altruist

Odaily Planet Daily News: Bloomberg ETF analyst Eric Balchunas said this transaction is only the second acquisition in Vanguard's history. Vanguard has rarely made acquisitions in the past. Once 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 external new clients. Salim Ramji said advisory services are a "luxury" and expressed a desire to expand the scope of services so that more people can access them.