Wealth Management Stocks Fall After Vanguard Aquires Tech Platform -- WSJ
Dow Jones2026/08/26 14:19By Jack Pitcher
Vanguard's ambition to expand in financial advice is causing some trepidation among investors in the industry's incumbents.
Shares of Charles Schwab and LPL Financial were off more than 2% in morning trading Wednesday after Vanguard announced the acquisition of Altruist, a fintech wealth management platform. Altruist competes with Schwab to custody assets on behalf of financial advisers, and offers AI tools for tax and financial planning.
An AI-related product announcement from Altruist earlier this year previously hit the shares of wealth management stocks. Coming under the umbrella of Vanguard, one of the most recognizable financial brands in the U.S., could help it grow faster.
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
August 26, 2026 10:19 ET (14:19 GMT)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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