Vanguard Just Bought Altruist for $4.6 Billion. Here’s What Changes

Vanguard has agreed to acquire Altruist in a deal reportedly worth $4.6 billion. But this is much bigger than another financial-industry acquisition. Altruist has become one of the fastest-growing custody and technology platforms for RIAs, with deep integrations, modern advisor technology, and a growing AI platform through Hazel. So what happens when Vanguard gets behind it? In this video, I break down: • What happened between Vanguard and Altruist • Why Vanguard may really want Altruist • How Altruist got here • What this could mean for Schwab, Fidelity and LPL • How the acquisition could impact Altruist integrations • Why AI and custody data are becoming closely connected • What RIAs should think about from an IT and cybersecurity standpoint • Vendor-management and data-governance concerns • What I think happens next in the RIA technology market If your firm uses Altruist, there is no reason to panic. But this is absolutely something RIAs should be paying attention to as the acquisition moves forward. At Secure Wealth IT, we help RIAs, broker-dealers and other financial firms manage their technology, cybersecurity and compliance requirements. Learn more at https://securewealthit.com/