Money manager Vanguard said on Monday it will establish a new advice and wealth management division led by industry veteran Joanna Rotenberg. The move comes as leading asset managers expand their wealth management services to meet growing client demand in the backdrop of an increasingly complex and volatile investment landscape.

Joanna Rotenberg will join Vanguard in January 2025 as managing director and member of the company’s senior leadership team.

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Vanguard will establish a new Advice & Wealth management division aimed at enhancing current capabilities, to be led by former Fidelity executive Joanna Rotenberg, who will take the role in January and serve as a managing director and member of the firm’s senior leadership team.

Just like the Malvern, Pa.-based financial services conglomerate forced the larger asset management industry into a race to the bottom when it come to fees, Vanguard is reinforcing its wealth management business that currently charges less than a third of what most advisors do.

Vanguard announces the creation of a new Advice & Wealth Management division led by industry veteran Joanna Rotenberg, aiming to offer new services

The new division will be headed by a former Fidelity executive and be separate from Vanguard’s Personal Investor segment.