- The acquisition expands Vanguard's financial-advisory capabilities as it competes more directly with Charles Schwab and Fidelity.
- Charles Schwab shares retreated on Wednesday following the announcement.
Quotes
“Vanguard on Wednesday announced a $4 billion deal to acquire Altruist as the investment management firm looks to bolster its financial advisory offerings to better compete with the likes of Charles Schwab and Fidelity.”