Vanguard Establishing New Advice & Wealth Management Division

Vanguard announced it will establish a new Advice & Wealth Management division focused on enhancing capabilities to improve client outcomes. And industry veteran Joanna Rotenberg will join Vanguard in January 2025 to lead the new division as a managing director and a member of the firm’s senior leadership team.

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Vanguard’s existing advice and wealth management businesses are among the fastest-growing offers within a large and growing industry segment. They are grounded in the firm’s core philosophy of high-quality, diversified, and low-cost solutions designed to help clients keep more of their return.

Joanna Rotenberg more recently served as the president of Personal Investing at Fidelity, leading the company’s retirement, brokerage, and wealth management businesses. Previously, she spent over a decade at BMO Financial Group as a member of the bank’s Executive Committee and as a partner at McKinsey & Company, serving clients in wealth and asset management.

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Along with creating the Advice & Wealth Management division, Vanguard also revealed a series of changes to improve client focus and expand its senior leadership team. Notable changes include:

1.) Matt Benchener, managing director and head of Vanguard’s Personal Investor business, which currently includes the firm’s wealth management offer, will continue in his role helping Vanguard’s millions of individual direct investors with a focus on our digital client experience, brokerage, cash and savings solutions, and education savings.

2.) John James, current managing director of the Institutional Investor Group, has been named head of Workplace & Advisor Solutions, overseeing Vanguard’s intermediated businesses with a focus on deepening our relationships with enterprise clients.

3.) Lauren Valente, managing director and chief human resources officer, has been named head of the Institutional Investor Group.

4.) Jon Couture, an accomplished chief human resources officer with several senior leadership positions across the financial services industry, will join Vanguard this month as a managing director and member of the senior leadership team succeeding Lauren.

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KEY QUOTES:

“For nearly five decades, Vanguard has been a positive force in democratizing investing, helping to give tens of millions of investors the best chance for investment success. With the addition of Joanna to our leadership team, our goal is to further democratize our advice and wealth management offerings for our clients through enhanced technologies and offers – with the same client zeal that Vanguard has long been known for.”

“These changes will allow us to sharpen our client focus, advance our digital capabilities to scale our impact, and add to our strong leadership bench. We welcome Joanna and Jon and congratulate John and Lauren on their new responsibilities.”

• Vanguard Chief Executive Officer Salim Ramji

“I have always admired Vanguard’s unique structure and client-focused mindset. I am humbled by the opportunity to lead the new Advice & Wealth Management group and expand Vanguard’s offerings to help more people achieve investment success.”

“Vanguard has always had a special culture, cemented in the consistency of its mission and the commitment of its people. I am thrilled to join the crew and to have the opportunity to help develop the next generation of Vanguard talent.”