Vanguard announced on August 26, 2026 that it has agreed to acquire Altruist, an AI-forward wealth technology and custody platform built for financial advisors. Financial terms of the transaction were not disclosed, and the deal is expected to close later this year, pending regulatory approvals. Founded in 1975, Vanguard is one of the world's largest investment management firms, offering investments, advice and retirement services to millions of investors globally. Altruist, led by founder and chief executive Jason Wenk, provides an integrated digital platform that combines self-clearing brokerage with software for account opening, trading, portfolio management, billing and reporting. Vanguard chief executive Salim Ramji said technology can help close the advice gap by enabling advisors to serve more people and serve them better, while Wenk said Vanguard's investment expertise and resources will let Altruist pursue that mission with greater speed and reach. Following the close, Altruist will continue to operate as a standalone business, retaining its leadership, brand and operating model. For independent advisors, the deal signals continued momentum toward integrated custody and technology platforms, pairing Vanguard's institutional scale with Altruist's advisor-facing infrastructure at a moment when the industry is racing to modernize the tools advisors use to serve clients. Knote: We are hearing they paid $4.6B, up from a reported $1.9B valuation in April of last year. That is the power of modern technology for you. https://altruist.com/news/vanguard-to-acquire-altruist-expanding-the-reach-and-impact-of-financial-advice/

Caddi. (2026, August 24). Caddi launches an AI agent that builds and governs a firm's back-office agents [Press release]. PR Newswire. https://www.prnewswire.com/news-releases/caddi-launches-an-ai-agent-that-builds-and-governs-a-firms-back-office-agents-302857872.html Caddi has launched an AI agent that builds and governs a firm's other AI agents, targeting wealth management firms, law firms, and insurance companies. The agent reads a firm's existing systems and surfaces processes that repeat, ranked by frequency and cost, so the choice of what to automate is based on observed activity. In Caddi's Loop Studio design canvas, the employee who performs a task demonstrates it on screen while the agent asks clarifying questions, with each answer becoming a rule inside the resulting agent. Caddi says its agents call AI models only where judgment is required and run deterministic code elsewhere, taking the same path on every run and producing a replayable record of each execution. The company argues this design avoids compounding model error, noting that 95 percent per-step accuracy falls to roughly three quarters across six steps when a model decides every step. Caddi states it is SOC 2 Type II compliant, connects to more than 100 business applications, and gives leadership a single view of every agent in production. Customers cited by the company include a Barron's Top 10 RIA scaling from 1,500 toward 5,000 advisors without expanding its transitions team, independent RIA The Planning Center, Palace Law, and an Am Law 100 firm automating 150 conflict checks a day; Caddi is backed by Ubiquity Ventures, Founders' Co-op, and the AI2 Incubator. Knote: I have been arguing for a while that we need to take a lot of the AI out of AI. If it is a process that needs to do things the exact same way each time, built in something deterministic, like Python (potentially using AI to build it).

Henry-Moreland, B., & Kitces, M. (2026, August 21). 'What does this agent actually do?' InvestmentNews. https://www.investmentnews.com/advisor-tech/what-does-this-agent-actually-do/267865 Technology consultancy Ezra Group has launched a directory of "AI Agents for Advisors" currently listing 51 financial advisor-specific AI agents, organized by category such as Workflow Support, Financial Planning, Tax, and Client Meeting Support. Directory entries include the type of firms served and pricing structure, and will eventually carry an "Autonomy Score" rating on a 0-5 scale of how much human input each agent needs to do its job. The authors define an AI agent as a system trained to perform a narrow, specialized task, distinguishing it from agentic AI, which coordinates higher-level multistep workflows that often involve managing multiple individual agents. Because few advisors build their own agents, most AI agents in the advisor market ship out-of-the-box within software platforms, with some products built around a single agent and others running multiple agents for different functions. The authors argue that the directory can help advisory firms cut past marketing language to evaluate what agent tools actually do, at a more granular level than the Kitces AdvisorTech Map since many listed agents are sub-components of mapped software providers. The article notes open structural questions for the industry, including whether providers will sell single agents, a la carte collections, or agents under broader platforms, and whether some platforms will become agent marketplaces while others build agent infrastructure. The authors observe that as interest in AI notetakers and other generative tools has settled, industry focus is shifting to AI that performs tasks, with the winning use cases and market-leading vendors still undetermined. Knote: I have always admired, and continue to admire, Craig's courage. With the sheer number of agents coming online, I think this will be very valuable but not easy...more like Air Traffic Control than anything else. Put me down as a subscriber.

Towner, L. (2026, August 24). Marloo enters US market with AI platform designed to replace traditional financial advice workflows. FF News. https://ffnews.com/news/marloo-launches-in-the-us-to-give-financial-advisers-the-software-they-actually--77885251 Marloo has officially launched its AI-driven platform in the United States, positioning itself as a successor to the traditional CRM by automating advisory workflows rather than simply recording them. The platform handles meeting preparation, advice document production, letter reviews, client communications, and compliance workflow management, reducing tasks that previously took hours to under sixty minutes. The US launch includes SOC 2 Type II certification, US data residency on AWS infrastructure, and a policy of zero retention of customer data for AI model training. Marloo has onboarded more than 900 advisory firms across eight countries in the past year, with month-on-month revenue growth exceeding 40% and customer churn remaining near zero. Advisers use the system an average of 25 times per week, and under the company's "Forward Deployed Adviser" model a third of the total team, including the entire US commercial team, have direct professional experience as financial advisers. Co-founders Hardy Michel and Shakeel Lala said advisers spend enormous amounts of time maintaining CRM systems that are supposed to help them, calling the approach well and truly outdated. The launch places Marloo, which offers a "Review Mode" audit trail, in direct competition with legacy CRM providers and emerging AI tools in wealth management. Knote: It seems to us that the only real advantage of the incumbent CRMs is that it is a pain to migrate off of them. That won't last forever, so they need to get a lot more aggressive at defensive building...and fast.

Gemini. (2026, August 24). Gemini and Apex Fintech Solutions partner to bring Gemini's regulated crypto prediction markets to Apex's brokerage network. https://www.gemini.com/blog/gemini-and-apex-fintech-solutions-partner-to-bring-geminis-regulated-crypto-prediction-markets-to-apexs-brokerage-network The Winklevoss' Gemini and Apex Fintech Solutions have signed a letter of intent under which Gemini Titan, a Gemini subsidiary, would become the exclusive regulated venue for crypto event contracts distributed through Apex's Futures Commission Merchant to Apex's brokerage customers. Brokerages offering crypto event contracts through Apex's FCM will use Gemini for execution and clearing, with flexibility to collaborate on additional contract categories including sports, economics, and financial markets on a non-exclusive basis. In April, Gemini subsidiary Gemini Olympus obtained a CFTC Derivatives Clearing Organization license, bringing derivatives clearing and settlement for Gemini Titan in-house. In December 2025, Gemini Titan secured a Designated Contract Market license from the CFTC, enabling Gemini to launch predictions trading. Gemini CEO Tyler Winklevoss said the company deliberately built its predictions platform in-house and believes predictions are the future of markets. In July, Gemini launched stock trading with 0% commissions for certain US customers, with Apex Clearing Corporation, a wholly owned Apex subsidiary, acting as custodian and clearing broker. The letter of intent is non-binding, and the companies expect to finalize details of the strategic collaboration in the coming weeks. Knote: I'm not sure if this is aggressive offense or vigorous defense, but this is the second predictions market announcement out of Apex in two weeks. Also, they are announcing this before the final agreement is in place, which seems somewhat unusual (and a little risky). This suggests to us that timing is of the essence.

DBS. (2026, August 22). DBS records near-threefold growth in millennial affluent clients as wealth advice and investments gain ground in Singapore. https://www.dbs.com/newsroom/DBS_records_near_threefold_growth_in_millennial_affluent_clients_as_wealth_advice_and_investments_gain_ground_in_Singapore The number of millennial retail customers who moved to DBS Treasures tripled in the first half of 2026 compared with the same period last year. The overall number of DBS retail customers progressing to Treasures rose 180% year-on-year in the first half of 2026. Seven in 10 clients who progressed to DBS Treasures in the first half of 2026 first banked with DBS as retail customers. Investment balances of clients who moved into DBS Treasures in 2025 have since grown nearly sixfold. DBS plans to hire more than 600 additional relationship managers, frontline advisors and platform engineers by the end of 2028. The bank will open 18 new wealth centers and upgrade 36 existing centers across the region by end-2027, increasing its Singapore Treasures wealth center footprint by 50%. AI-enabled tools have reduced turnaround time for onboarding new-to-bank wealth clients by 50%. Knote: Not strictly WealthTech, but tangential evidence of the WealthTech growth we are seeing in the East. And the DBS Treasures platform is probably one of the most digitally advanced of the majors.

On August 17, 2026 VastAdvisor announced that it has closed a $1 million SAFE round. The financing was led by three wealth management industry figures investing individually: Dani Fava, chief strategy officer at Carson Group; Jason Pereira, CFP, senior partner at Woodgate Financial; and Sally George, partner at Convergency Partners. The company markets what it calls an Organic Growth OS, an AI based platform that combines audience intelligence, campaign automation, compliance monitoring and continuous optimization in one system. It is aimed at registered investment advisors, broker dealers and wealth platforms looking to generate their own client demand. VastAdvisor was co-founded by chief executive Ian Karnell and chief operating officer Phil Gale, and its leadership team also includes chief technology officer Eli Gassert and acting chief data officer Dr. Edoardo M. Airoldi. Proceeds will go toward accelerating the product roadmap and supporting go to market efforts. Karnell said the investment was validating because it came from operators inside the industry and not only from financial backers, while Pereira said the platform's capabilities are what the wealth management industry has needed. For advisors and platforms, the round is a modest but notable data point in a crowded advisor marketing category, where compliance review often slows the release of content and campaigns. Whether one integrated system can replace the set of point solutions most firms use today is the question this funding is meant to answer. MMnote: From what I can tell, what’s different about this firm than previous organic growth platforms is the robust intelligence layer that runs on top of campaigns. Link to Article

Ascensus has announced a new ownership structure under which Stone Point Capital and Genstar Capital will each make new investments and hold equal stakes in the savings and retirement technology firm. Stone Point continues as an owner, Genstar returns as one, and existing investor GIC will remain invested. The transaction is expected to close in the coming months, subject to regulatory approvals, at which point Stone Point and Genstar will assume joint governance. Ascensus provides tax-advantaged savings solutions and technology, including qualified and nonqualified retirement plans, third-party plan administration, 529 education and ABLE savings program administration, and fiduciary services. The company supports more than 16 million savers and oversees more than $1.3 trillion in assets under administration. Its recent acquisition of AmericanTCS added trust, custody, and pooled employer plan capabilities. The deal lands squarely in the Peak 65 zone. In 2026, more Americans turn 65 than in any year before or after, intensifying demand for retirement income solutions and the fight for 401(k) rollovers. For advisors, platforms, and integrators, continued private equity conviction behind a recordkeeper of Ascensus's scale signals sustained investment in the savings infrastructure serving the historic wave of retirees. MMNote: We would have thought Asensus would sell to one of the large incumbents (like Empower or PCS) or one of the rapid builders (like Schwab or the wirehouses), but we agree with the notion that there is a lot of growth ahead for Asensus. Link to Article

CFP Board. (2026, August 14). CFP Board response to House Financial Services Committee Democrats' request for information on artificial intelligence. https://www.cfp.net/-/media/2026/miscellaneous/cfp-board-ai-rfi-response.pdf CFP Board, which certifies more than 109,000 CERTIFIED FINANCIAL PLANNER professionals representing approximately one-third of retail financial professionals, submitted this response on August 14, 2026 to the House Financial Services Committee Democrats' request for information on artificial intelligence. The response states that AI in financial services should augment rather than replace human financial planners in consumer-facing advice. CFP Board recommends that firms using AI maintain appropriate human oversight and disclose AI's role in advice delivery. The letter identifies governance safeguards for the sensitive consumer financial data that AI planning tools collect and process, including protocols for error detection and escalation and management of model risk from inaccurate or biased outputs. CFP Board urges Congress and regulators to consider how AI governance frameworks interact with existing financial services regulations. The response asks policymakers to create a flexible, risk-based framework that supports innovation while protecting investors, grounded in transparency, fairness, accountability, and oversight of high-impact AI uses. Accountability is anchored in CFP Board's Code of Ethics and Standards of Conduct, supported by its Generative AI Ethics Guide and Guide to CFP Board's Technology Standard, alongside commitments to enhanced continuing education and updated practice standards. Knote: We think AI governance will emerge as a big roadmap item during the 2027 planning cycle. If we are wrong, we think we are only wrong by a year.

Ricketts, D. (2026, August 16). Amundi Technology has been growing fast. Now it faces a leadership challenge. Financial News. https://www.fnlondon.com/articles/amundi-technology-has-been-growing-fast-now-it-faces-a-leadership-challenge-a8fcd886 Amundi Technology, the platform business built around ALTO after Amundi cut ties with BlackRock's Aladdin following its acquisition of Pioneer Investments, posted revenue of €63m in the six months to the end of June, up 23% year on year on two new client wins. The division signed 10 new clients last year, added Denmark and Singapore to the countries where it operates, and grew revenue by 45%, and Amundi has set a target of doubling technology revenue by 2028. Ben Lucas, recruited from KPMG in 2023 to lead and expand Amundi Technology, left in July to head private markets services provider Aztec Group, and former group chief operating officer and deputy CEO Guillaume Lesage stepped down earlier this year to become an adviser to Amundi. Claire Cornil, promoted to chief operating officer earlier this year, is overseeing Amundi Technology on an interim basis while the firm recruits a successor to Lucas. Deutsche Bank Research analyst Sharath Kumar noted that Amundi Technology accounts for roughly 3% of group revenue, against Aladdin's share of approximately 8% of BlackRock's $24.4bn in 2025, and that technology and servicing revenue is often valued more highly by investors because it is more recurring and more deeply embedded in client workflows. Amundi missed out on acquiring Axa Investment Managers, which BNP Paribas Asset Management bought last year for €5bn, and failed to complete a deal for Allianz Global Investors, prompting questions about its growth path absent large inorganic transactions. Amundi is targeting more than €150bn of net inflows in Asia over the three years to the end of 2028, up from €84bn over the three years to the end of 2025, with client group head Fannie Wurtz also serving as chair of Asia.

Business Wire. (2026, August 19). Stash and Capitalize announce new rollover partnership. Yahoo Finance. https://finance.yahoo.com/small-business/articles/stash-capitalize-announce-rollover-partnership-130000061.html Stash, a digital financial advisor, and Capitalize, a retirement account transfer platform, announced a partnership enabling Stash customers to consolidate legacy 401(k) accounts into Individual Retirement Accounts directly within the Stash app. The integration is built on Capitalize's Embedded Rollover API, which allows users to search for old 401(k) accounts, initiate transfer requests digitally, and receive guided support without leaving the Stash platform. The offering became available to eligible U.S. Stash customers on August 19, 2026. Stash CEO Brandon Krieg stated that too many Americans leave retirement savings behind when they change jobs because rolling over an old 401(k) is harder than it should be. Capitalize CEO Gaurav Sharma stated that the partnership gives Stash customers a simpler way to transfer and consolidate their retirement savings while reducing friction in the process. The release cites a May 2024 Goldman Sachs report indicating that 60% of Gen Z and 67% of Millennials report having personalized retirement plans. Capitalize's technology has supported billions of dollars in retirement account transfers, and the company has been recognized among TIME's 100 Best Inventions and Forbes' Top 50 Fintech companies. Knote: As younger workers bounce from job to job, they scatter small 401(k)s around like Johnny Appleseed. This tool can help consolidate them into something coherent.

Southall, B. (2026, August 19). Charles Schwab & Co. took out full-page WSJ ad promising to 'hire thousands more financial consultants' last week; this week it said RIAs will no longer receive sub-$5-million referrals in 2027 -- an implied toll bridge collapses, says one analyst. RIABiz. https://riabiz.com/a/2026/8/20/charles-schwab-co-took-out-full-page-wsj-ad-promising-to-hire-thousands-more-financial-consultants-last-week-this-week-it-said-rias-will-no-longer-receive-sub-5-million-referrals-in-2027-an-implied-toll-bridge-collapses-says-one-analyst Charles Schwab & Co. notified RIA principals in the Schwab Advisor Network (SAN) in an Aug. 18 memo that, effective Jan. 5, 2027, it will retain all referral leads of $5 million or less, a 150% increase from the current $2 million cut-off. The memo followed an Aug. 13 full-page Wall Street Journal advertisement signed by founder and chairman Charles Schwab announcing that the firm is hiring "thousands" of financial consultants to add to its existing 3,000. Schwab told Citywire that SAN recorded total net flows of $18.2 billion in the first half of the year, up 15% year over year, and that more than half of those flows came from clients with $10 million or more in investable assets. The $10 million-plus and $25 million-plus segments now account for half of SAN net flows and are the program's fastest-growing client segments, with net flows up 54% and 45% respectively. Tim Welsh, president of Nexus Strategy, published a white paper titled "The Toll Bridge Collapses" stating that the two-decade custody-for-referrals arrangement built on SAN since 2002 is being unwound at a speed that should alarm every RIA still counting on it. Welsh attributes the shift to Schwab's need to reduce dependence on cash-spread revenue, which is exposed to regulators, AI cash sorters, and a slowing economy that could prompt Federal Reserve rate cuts. On a July 21 analysts' call, CEO Rick Wurster said only 5% of Schwab retail households are in fee-based advice and described the 31% who want advice as an "unmatched conversion funnel." Knote: It's not technically a WealthTech story, but anything Schwab does is worth watching in WealthTech.