Nick Beim

Thoughts on the Economics of Innovation

Former Vanguard CEO William McNabb Invests in Altruist, Joins Startup’s Board

The former chief executive and chairman of Vanguard Group, F. William McNabb III, has invested in and joined the board of Altruist, the upstart custodian to RIAs. “That is as significant a board member as you can find in our industry. So, we’re really excited,” Jason Wenk, the founder and CEO of Altruist, told RIA Intel. Altruist, which says it can save financial advisors as much as 90% of their technology and custody costs, first met McNabb in early 2020. He joined the board two months ago and has already made a difference at the startup. McNabb was part of a short list of high-profile investors who participated in a new round of funding for Altruist that was previously unreported. Venrock, the Palo Alto venture capital firm that led Altruist’s $8.5 million seed round in 2019, led the latest round.