[Vanguard Acquires Wealth Management Platform Altruist] Odaily Planet Daily News – Bloomberg ETF analyst Eric Balchunas stated that this transaction marks only the second acquisition in Vanguard's history. Vanguard has rarely engaged in acquisitions in the past. Upon completion of the deal, Vanguard will become a custodian institution and expand the coverage of its advisory business. Vanguard's advisory fees are lower than the industry average, ranging from 5 to 25 basis points depending on the minimum asset threshold. The vast majority of its clients are existing Vanguard fund investors rather than external new customers. Salim Ramji remarked that advisory services are a 'luxury' and expressed the desire to expand the service's reach so that more people can access it.