Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that Vanguard is planning to acquire RIA custodian Altruist and how it is likely to send ripples across the wealth management and asset management spectrum. While it immediately provides Altruist with the backing of an enormous asset management firm and Vanguard inroads into the RIA custodial space with a tech-forward offering, it could also put pressure on the largest RIA custodians Charles Schwab and Fidelity to up their level of service in the competition for RIA business and provide a boost to certain ETF providers looking to distribute their products to RIAs while avoiding fees charged by the major incumbent custodians.
Also in industry news this week:
- Consumers are prioritizing trust when it comes to selecting a wealth management provider, according to a recent survey, with service and fee transparency, as well as identity and account security, being key contributors to demonstrating this attribute
- Member satisfaction with Medicare Advantage plans dipped for the second straight year, according to a recent survey, highlighting the value of financial advisors in helping clients select the best Medicare option for their needs (and in making a change when necessary)
