Vanguard restructures wealth management division to boost revenue and attract younger clients

Vanguard is restructuring its $900 billion Advice & Wealth Management division into a standalone unit, aiming to increase revenue. Joanna Rotenberg, formerly of Fidelity Investments, will lead the new division, focusing on enhancing technology and services for clients. Vanguard, known for its low-cost ETFs, plans to expand its personal advisor services to attract a wider range of retail clients. This move comes as wealth management becomes increasingly competitive among banks and fintech companies. The restructuring is seen as a response to the anticipated "Great Wealth Transfer," where trillions will shift from baby boomers to younger generations, who are more engaged in financial discussions.