Altruist Unveils New AI Financial Planning Agent
Custodian and technology provider Altruist has launched an AI-powered financial planning agent as part of its Hazel AI platform. The tool is designed to automate complex workflows, enabling advisors to create comprehensive plans covering retirement, investment optimization, estate strategy, tax planning, cash flow analysis, insurance, and risk in a fraction of the time traditionally required. The new feature allows real-time scenario modeling for clients while ensuring data privacy by operating under zero data retention agreements with AI model providers. Altruist has also announced its acquisition by Vanguard in an all-cash deal valued at $4.6 billion, which is expected to close later this year and will allow the company to continue as a standalone business. Analysts note that while Schwab and Fidelity still lead the market, Vanguard's backing positions Altruist as a stronger competitor.
