Vanguard built itself into a $13 trillion investment giant largely through ultra-low-cost index funds, and almost entirely without acquisitions. Today, in a striking departure, the 51-year-old company announced that it’s buying financial-technology startup Altruist, a deal that reportedly values the startup at between $4 billion and $5 billion. The move gives Vanguard new sources of revenue beyond its thin fund fees, a larger foothold among independent financial advisors and technology that could make its own 2,000 advisors more efficient.

Founded in 2018 and based in Culver City, California, Altruist provides financial advisors with software to open client accounts, execute and clear trades and safeguard customers’ assets. It was last valued at $1.9 billion in an April 2025 fundraise, and it’s backed by venture capital investors including Venrock, Insight Partners and Iconiq.

Altruist founder and CEO Jason Wenk, 46, previously started and sold two investment advisory firms that each amassed billions of dollars in assets. He created Altruist after concluding that existing technology forced advisors to choose between........

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