Schwab Courts Altruist's 6,000 RIAs After Vanguard's $4.6 Billion Deal
Updated
Updated · InvestmentNews · Sep 3
Schwab Courts Altruist's 6,000 RIAs After Vanguard's $4.6 Billion Deal
3 articles · Updated · InvestmentNews · Sep 3
Summary
Schwab representatives have begun calling Altruist advisors since Vanguard announced its $4.6 billion acquisition on Aug. 26, pitching Schwab’s custody platform and asking how the deal may affect their businesses.
LinkedIn posts and advisor interviews show the outreach is landing, but not yet winning defections: advisors Mike Mickels and Derek Notman said Schwab contacted them, while both said they remain committed to Altruist for now.
Advisor concerns center on whether Vanguard will preserve Altruist’s independence or push bundled wrap fees and tighter links to Vanguard products, potentially changing a platform that marketed itself as not competing for client relationships.
The scramble matters because Schwab dominates RIA custody with $5.7 trillion across 16,000 firms, while Altruist serves more than 6,000 RIAs and gives Vanguard a faster, cheaper route into advisor infrastructure.