Career moves

Sallie Krawcheck helped found Ellevest following prominent roles at Sanford Bernstein, Citigroup and Bank of America.

Joanna Rotenberg, recently of Fidelity Investments, will lead Vanguard's newly created advice and wealth management division starting in 2025.

A 20-plus-year veteran replaces Manish Dave, who left the post in October.

Raymond James and Merrill also announce recruiting deals, while LPL hires a head of cybersecurity from PayPal.

Tech defects complicate Citi's already longshot bid to build a world-class wealth management business.

Fifth Third Bank also draws a big team from Truist, and Morgan Stanley from Merrill.

Brendan Krebs moved into the top recruiting role in January with a pledge to bring in advisors for Wells' wirehouse, bank-based and independent channels.

Jed Finn says the firm's wealth unit could easily meet its operating margin goals if it simply stopped spending money to support advisors. But it's not about to do that.

Morgan Stanley and Edward Jones meanwhile are giving their advisors new stomping ground in midtown Manhattan offices.

Consolidation may be a prevailing industry trend. But the founders of a Chicago-based RIA see no reason to join a large aggregator.