John O’Connell was recently published in PowerAdvice on who really wins and loses now that Vanguard is buying Altruist. He walks through six constituencies. Schwab is exposed but not endangered, with its cash sweep business the clearest target. Altruist’s existing advisors are the clearest winners, gaining Vanguard’s balance sheet for free, while Fidelity, Robinhood, Pershing, and Vanguard’s own shareholders each carry a different mix of upside and risk. His sharpest point is aimed at advisors: if you custody with Schwab, Fidelity, or Pershing, you now have a credible fourth option to cite on fees and referral terms, but only if your custodian believes you’d actually use it.