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00:02Vanguard Group has agreed to acquire fintech platform Altruist for roughly $4 billion
00:07as it expands further into financial advice, according to the Wall Street Journal.
00:13Altruist provides custodial, brokerage, and administrative services to independent financial
00:18advisors, along with software for account opening, portfolio management, billing, and reporting.
00:24Vanguard plans to keep Altruist as a standalone business with its current leadership and brand.
00:29The acquisition supports CEO Salim Ramji's effort to expand beyond Vanguard's low-fee stock
00:35and bond funds and strengthen its advice and wealth management business.
00:39Altruist was valued at $1.9 billion in an April 2025 funding round.
00:45In February, it announced an AI tool that creates personal tax strategies by interpreting financial
00:51documents without manual entry.
00:53For all things money, visit Benzinga.com.
