Curious what people here think about Vanguard's announcement today that it is buying Altruist, especially anyone who works in financial services.

Altruist has built a strong custody and technology platform for independent RIAs, but it obviously doesn't have the same name recognition as Schwab or Fidelity. I've wondered how much that has kept some advisors or clients from giving it a closer look.

Vanguard has been an investor for several years, but actually owning the company is obviously different. Assuming the deal closes, does having Vanguard behind Altruist change how you look at it? Does it put Altruist closer to Schwab and Fidelity in people's minds, or does it only really matter to fintech nerds like me?

I'm also a fintech nerd (former chief growth officer at holistiplan) and have followed Altruist for a while. Will be very curious what changes assuming the deal goes through.