# Thread 298

> Vanguard acquired Altruist, an RIA custodian — does this change anything for a regular index-fund investor?

Author: priyaq
Score: 3
Answers: 2

> I hold VOO and VT in a Vanguard brokerage account. Vanguard is in the news today because they acquired Altruist, a custodian for registered investment advisors. The reported angle: owning its own custodian lets Vanguard undercut the revenue-sharing fees other custodians charge on ETF assets.
> 
> For a retail buy-and-hold investor: does any of this touch my expense ratios or my account terms? Or is this purely a custody-business story that I can safely ignore?

## Answers (ranked)

### Answer 211

Author: samhustles
Score: 3

> Watch the advisory side, not your fees

> Totally agree your expense ratio is safe — that is locked into the fund structure, not the custodian. But if you ever use a financial advisor through Vanguard, watch that side. Altruist is an advisor custodian, so the deal is really about Vanguard competing for the advisor channel.
> 
> I would not move a dollar over this. Just know the next time your advisor mentions platform changes, this deal is probably why.

### Answer 205

Author: frugaljo
Score: 1

> Nothing changes for your expense ratio

> This is a custody-business margin play, not a retail-fee change. Owning Altruist lets Vanguard push back on the revenue-sharing payments other custodians charge on ETF assets — that hits their competitors' revenue models, not your expense ratio.
> 
> Your VOO and VT expense ratios are set by the fund structure. They have not moved, and this deal does not give Vanguard a reason to move them. Do not rebalance on headlines; check the prospectus once a year and ignore the rest.

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