Vanguard to Establish New Advice & Wealth Management Division Led by Industry Veteran Joanna Rotenberg

VALLEY FORGE, PA (December 9, 2024) - Vanguard today announced it will establish a new Advice & Wealth Management division focused on enhancing a range of capabilities to improve outcomes for its clients. 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.

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

"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," said Vanguard Chief Executive Officer Salim Ramji.

Joanna Rotenberg most 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 served as a partner at McKinsey & Company serving clients in wealth and asset management.

"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," said Joanna.

In addition to the creation of the Advice & Wealth Management division, Vanguard also announced a series of changes to improve client focus and expand its senior leadership team. Notable changes include:

• 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.

• 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.

• Lauren Valente, managing director and chief human resources officer, has been named head of the Institutional Investor Group.
  
  
• Jon Couture, an accomplished chief human resources officer who has held 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.

"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," said Jon Couture

"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," added Salim.

About Joanna Rotenberg

Joanna Rotenberg is a senior executive that has worked across all facets of the financial services industry. Prior to joining Vanguard, she was President of Personal Investing at Fidelity Investments, overseeing the needs of over 20 million U.S. investors. Joanna was responsible for all aspects of this business - from strategy and product innovation, to technology platforms, and the full distribution and service platform, including leading 30,000+ associates.

Prior to joining Fidelity, Joanna spent over a decade at BMO Financial Group, where she was Group Head of BMO Wealth Management and a member of the Executive Committee. She provided wealth and asset management solutions to clients across North America, EMEA, and Asia. She started her career as a Partner at McKinsey & Company as a leader in their North American financial services practice.

Joanna serves as Treasurer to the Board of Directors of Sinai Health System and is also a member of the Rotman Dean's Advisory Board, a part of the University of Toronto. She's been recognized as one of the 100 Most Influential Women in U.S. Finance by Barron's and one of Canada's Most Powerful Women by the Women's Executive Network.

Joanna holds a JD/MBA from the University of Toronto and is a member of the New York Bar.

About Jon Couture

Jon Couture is an established human resources executive with three decades of experience leading human resources primarily within financial services. Before joining Vanguard, he was executive vice president and chief human resources officer (CHRO) of Principal Financial Group, overseeing all aspects of human resources for more than 18,500 employees worldwide.

Prior to joining Principal, he was the executive vice president-human resources for consumer lending, payments, virtual channels, operations, and innovation at Wells Fargo. Prior to Wells Fargo, he was senior executive vice president of human resources for HSBC North America Holdings, Inc. In addition to his roles in human resources, Jon is a veteran of the U.S. Air Force.

Jon holds a doctorate in human performance from the University of Southern California, a master's degree in instructional and human performance technology from Boise State University, and a bachelor's degree in management from Southern Illinois University.

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About Vanguard

Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe-directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

All investing is subject to risk, including the possible loss of the money you invest.

Advice services are provided by Vanguard Advisers, Inc., a registered investment advisor, or by Vanguard National Trust Company, a federally chartered, limited-purpose trust company.

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