Sallie Krawcheck, just 42, will arrive at Bank of America with a lot of expectations. People are already talking about her as a possible replacement for embattled CEO Ken Lewis. It's possible--provided she does a good job running Bank of America's wealth management empire, but that won't be easy.

The short-term challenges will be to instill confidence in the ranks, especially the Thundering Herd, which was hit by the resignation of the popular Dan Sontag recently. Longer-term, she must find a way to reinvent the wirehouse business. Last year, notes Investment News, the market share of adviser-managed assets held by wirehouses fell to 47.7 percent from 48.5 percent in 2007.

No one would be surprised if independents continue carving away. There are lots of in-house product disclosures and other distribution issues, not to mention regulatory issues. She's known for putting clients first; we'll see how that plays. People are expecting a lot, but it's quite an opportunity. 

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