Vanguard has acquired wealth management platform Altruist in only the firm’s second acquisition, marking a significant expansion of its advisory strategy. The deal also makes Vanguard a custodian, adding new infrastructure as it pushes to broaden access to financial advice. The acquisition signals Vanguard’s intent to extend its reach in advisory services, where it offers relatively low-cost pricing of 5 to 25 basis points depending on account minimums. Salim Ramji said advice has become a “luxury” and that Vanguard aims to make it more accessible to more people. Most of Vanguard’s advisory clients have historically been existing Vanguard fund investors rather than new external clients.