Vanguard收购财富管理平台Altruist，拓展投顾服务

This is a departure from Vanguard. You're known for growing organically. Why not go that method in expanding into wealth? Why does it make sense for altruist, who you've already partnered with to outright buy it? You know, we've been an investor in altruist going back, uh, more than half a dozen years. So we are a minority investor, kind of in the early days when Jason and his team were first getting started. And what we were impressed back then, um, about is what we're also impressed about today.

Uh, the first piece was really, uh, the mission that Jason had founded the firm around, which is making advice more accessible, more affordable and better, um, for many more Americans. Uh, and the second piece, which is really takes us to today, is just the tenacity with which Jason and the team have really been building their business. And from a vanguard perspective, uh, we want to do for financial advice, um, what we've done for the past 50 years, um, for investments, which is really make it much more accessible to many more people.

Uh, and, uh, and part of this alignment around the mission, right? When Jason was talking about the mission of altruist, me and we were and we were comparing notes. A lot of what he was trying to do rhymed with what we were trying to do. And, and I think in that, uh, it really led to this moment. Well, I'm assuming part of the mission has been this fast growth and growth and nimbleness that that altruist has. Jason. I mean, you're in California.

Uh, you know, you're away from the hub of of of financial services here in New York. Why not stay independent? Why partner with the behemoth when one of the sort of bright points of altruist had been, you know, this independent sort of flavor that you had as a firm? Yeah, I think so. We're probably more alike than people realize. Um, I would say that, uh, you know, Vanguard is not a Wall Street Titan. They're, uh, a titan of, you know, rural Pennsylvania.

Um, we were founded on Abbot Kinney Boulevard in Venice Beach, California. So also about the anti Wall Street as you can get. Uh, but altruist is, uh, a business that's designed to help independent financial advisors. Uh, those, uh, independent advisors are often referred to as Rias. They serve tens of millions of clients over $10 trillion in assets. Um, and we're incredibly focused on empowering those advisors to make advice better, more affordable, accessible to everybody.

You'll hear a lot of like, again, these the rhymes with like the genesis of altruists in many respects was inspired by Vanguard. I'd been a fan of Jack Vogel's work going back into the late 90s early 2000. Um, our mission is very similar to the Vanguard mission to take a stand for all investors. Right? So you start to see these things. Um, and when you are an entrepreneur and you're thinking about leaving a really long term legacy, and in our case, it's one of getting this very mission orientation around making advice better and more affordable, more accessible.

Um, there's no better partner I can think of. And again, this would have been likely the case when I started the company eight years ago than Vanguard. And you also very much so, Ryan with a Fidelity or Schwab, though considering your business threats them. I mean, is this Vanguard becoming even more of a direct competitor with those? Well, if you think about the problem we're trying to solve. Uh, and it's not just vanguard and altruist.

I think it's many firms, but, uh, be particular about what we're trying to solve. It's. How do you get more access to financial advice? Today, only 1 in 5 Americans have access to a fee based financial advisor. Um, we would like to see that number be most Americans having access to financial advice. And even as we surveyed Vanguard's own investors, um, just earlier this summer, what they told us, 74% of them is they want access to some form of human financial guidance, um, to be able to make sense of all the complexity out there.

Yeah. And and so part of what we're trying to do is use technology to give independent advisors greater scale, uh, greater ways to reach more and more clients, but also use technology to help clients who may just want a second opinion or may just want some basic kind of guidance to be able to get that guidance. Because if you go back to our founding mission about helping, uh, improve the chances of, uh, people's investment success, um, Having low cost, high performing products is one component of it, but another component is financial discipline.

And what we've seen over decades is that if you got a good fee based financial advisor that's focused on your interests, that they can really instill that long term discipline. Um, for an investor and with technology, we think we can do that with greater scale. So again, the mission is nice, but it's the business case I'm also interested in. I mean, is this you wrestling market share away from some of those competitors by this program?

We don't. Yeah. Because of Vanguard's unique structure. We're owned by our clients. We don't necessarily think like traditional companies will. Uh, and so the, the, uh, as one of the best accomplishments, I think, of Vanguard over the past 50 years, you know, it's 50 years ago this month that we launched the the first index fund. And one of the best accomplishments, in my opinion, is that many more people, two thirds of Americans today are investors, in part because we help make investing simple and more affordable and more accessible.

And what we want to do is do the same thing for advice, because there is a scarcity of advisors and fee based advisors, and there's exceptional demand. Whether you take my 74%, you take other industry stats. And and we think being able to marry kind of the, the, the scarcity of supply of great financial advisors with the technology, um, that Jason and his team are built really helps us to, um, for, uh, investors who are seeking advice, what we've done for investors over the past 50 years who who just want a, uh, a low cost, uh, investment product in which to enter the markets.

Well, having like, the sort of technology based IRA because, again, I mentioned in February, it led to kind of this panic, uh, among some of the more traditional ones. Jason, what have you seen since then? Like, how have you been this really disruptive force, or is it more, you know, to the point that Sam Altman made the other week? Sometimes these things are slower moving in adoption and really embracing AI in some of these forms.

Or and I think that there's, um, there's still a lot more opportunity. I think there's a lot more possibility than reality. You know, today. So I think Sam's probably right in that regard. Uh, as for us, I mean, we've had, um, uh, a fantastic year. Uh, we're still a young enough company that virtually every quarter's a new record quarter. I think the innovation is a big part of that. Uh, and in our case, because we serve advisors, uh, advisors.

So that's, you know, a couple of decades have had very few choices. Uh, it's, uh, hard for them to run businesses. They have to make a lot of compromises. Um, the compromises might be either I can only serve really wealthy people because I don't have enough capacity, uh, to serve more. Or I have to reduce the quality of work I can do because I, uh, want to serve many, uh, a lot of our growth is because we're able to bridge those, you know, kind of two conflicts and make it much easier for advisors to do their best work at scale.

A lot more clients, um, a lot higher quality work, and to do it at a lot lower cost. So, you know, these are things that I is a huge enabler for. And technology in general can help just on that. How much of that does does it hinge on keeping compute costs low? Because this is something that businesses have also had to grapple with. For us, it's not been a challenge. So, you know, compute. I think, uh, it depending on the type of work, I mean, there are some ta

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