Vanguard Group has agreed to acquire fintech platform Altruist in a deal valued at approximately $4 billion. Altruist, founded in 2018, provides custodial and administrative services to independent financial advisers. The acquisition supports Vanguard Chief Executive Salim Ramji's strategy to expand beyond low-fee funds into financial advice.

The $12 trillion investment firm established a new advice and wealth management division after Ramji's appointment in 2024. Vanguard plans to keep Altruist as a stand-alone business, retaining its current leadership and brand. The deal comes after Altruist was valued at $1.9 billion in an April 2025 funding round.

The platform recently gained attention for launching an AI tool capable of creating personal tax strategies by interpreting financial documents. News of the tool caused shares of Charles Schwab, Raymond James and other financial-services providers to decline. The acquisition highlights Vanguard's push to strengthen relationships with wealth management firms and integrate Altruist's technology in-house.