Deals & People February 21, 2025

Retirement Industry People Moves – 2/21/25

Lopes joins Nationwide retirement solutions; Pennsylvania PSERS announces retirement of executive director; Wilmington Trust names DiLuigi head of US Markets.

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Lopes Joins Nationwide Retirement Solutions

Darren Lopes

Nationwide Retirement Solutions announced that Darren Lopes has joined the company’s institutional consultant relations team as consultant relations manager covering the Northeast region of the U.S.

Lopes reports to Andee Gravitt, associate vice president of institutional consultant relations.

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“Darren’s 30-plus years of experience in the retirement services industry, most of which was focused on serving consultants in the Northeast, positions him perfectly for this role,” Gravitt said in a statement.

Lopes’ previous experience includes roles as a managing director for TIAA’s institutional sales team and as a relationship manager at Fidelity. 

Pennsylvania PSERS Announces Retirement of Executive Director Sanchez 

Terrill “Terri” Sanchez

The Public School Employees’ Retirement System of Pennsylvania announced Friday that Executive Director Terrill “Terri” Sanchez will retire later this year.

Sanchez submitted her letter of resignation, effective June 27, to the board of trustees and informed her staff of her retirement intentions on Friday. Sanchez is the first woman to hold the position of PSERS executive director since the system’s statutory founding in 1917.

Sanchez joined Pennsylvania PSERS in 1987 as a computer science management trainee and eventually rose to the position of deputy executive director.

She left PSERS in April 2018 to become executive director of the Pennsylvania State Employees’ Retirement System and retired from Pennsylvania SERS in December 2021.

She came out of retirement and rejoined  PSERS in an emergency capacity in January 2022 to fill a leadership vacancy as interim executive director and was named executive director five months later.

Wilmington Trust Names DiLuigi Head of US Markets

Dave DiLuigi

Wilmington Trust announced that Dave DiLuigi was named the new head of U.S. Markets for the firm’s wealth division, effective February 17. DiLuigi succeeds Lisa Roberts, who became head of wealth for Wilmington Trust last year.

DiLuigi will be responsible for setting the strategic direction for Wilmington Trust’s wealth business and managing the firm’s wealth management advice services. He will also join the Wilmington Trust senior leadership team.

Based in Washington, D.C., DiLuigi had previously served as the regional president for the Greater Washington/Central Virginia and Greater Baltimore regions of Wilmington Trust, overseeing all wealth advisory services in those markets.

Wilmington Trust’s wealth business—part of parent company M&T Bank Corp. —works closely with high- and ultra-high-net-worth individuals, families, entrepreneurs, business owners, foundations and endowments and their advisers.

Client Service February 21, 2025

Morningstar IDs Best Robo-Advisers of 2025

Vanguard Digital Advisor tops the list, followed by Fidelity Go and Betterment/Betterment Premium.

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As companies continue to develop and enhance robo-advisers, 2025 brings a mix of affordability, investment strategy and customer access to certified financial planners. Morningstar Inc. released rankings of the various options, and Vanguard Digital Advisor ranked first, while competitors such as Fidelity Go, Betterment and Wealthfront provided strong alternatives with various pricing models and features.

Robo-advisers generally offer service levels somewhere between a wealth manager and a do-it-yourself trading platform. Morningstar defines robo-advisers as platforms that offer automated, semi-tailored strategic asset-allocation investment portfolios directly to retail customers.

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  1. Vanguard Digital Advisor was Morningstar’s top choice due to its low fees and recent reduction of its minimum investment to just $100. It leverages Vanguard’s Life-Cycle Investing Model to create customized exchange-traded-fund portfolios tailored to investors’ risk tolerance and goals. The service’s fees are 0.20% annually, including underlying funds. Clients with $50,000+ qualify for Vanguard Personal Advisor Services (0.30% annual fee) and CFP access, with higher tiers receiving additional perks such as estate planning.
  1. Fidelity Go, according to Morningstar, stands out for its simple, research-driven approach and lack of management fees for accounts worth less than $25,000. Accounts with more than this threshold include adviser access for a 0.35% annual fee. However, a downside is that it offers no tax-loss harvesting.
  2. Betterment’s platform offers a glide path strategy that gradually reduces risk over time. Core portfolios consist of low-cost ETFs, and a crypto ETF option is available at a fee of 0.12%. Fees are 0.25% annually and 0.65% for Betterment Premium, which includes CFP access for clients with balances of more than $100,000.
  3. Schwab Intelligent Portfolios offers free robo-advisory services with solid underlying investments and tax-loss harvesting. A premium version with CFP access costs $30 per month. Cash allocations range from 6% to 30%, potentially limiting returns.
  4. Wealthfront integrates risk profiling, tax efficiency and behavioral economics into its investment strategies, offering a diversified portfolio with 20 risk levels and a 0.25% annual advisory fee.
  5. SigFig: offers services free for accounts with up to $10,000 but lacks transparency in ETF selection.
  6. E-Trade Core Portfolios charges 0.30% annually but does not adjust for investors’ risk capacity.
  7. Acorns is known for rounding up everyday purchases for investment, but it has a steep fee structure for small balances.
  8. Merrill Guided Investing is weighed down by high fees (0.45% to 0.85%) that detract from its otherwise strong features.
  9. SoFi Wealth recently introduced a 0.25% fee, but it now includes access to CFPs.
  10. Wells Fargo Intuitive Investor provides decent option for Wells Fargo clients but lacks transparency in portfolio composition.
  11. Ally Invest offers both fee-based and cash-heavy portfolios, but it falls behind in innovation.
  12. Empower Personal Wealth is comprehensive but expensive, with fees starting at 0.89%.
  13. Citi Wealth Builder lowered its fees but eliminated fund fee waivers.
  14. UBS Advice Advantage has diminished appeal due to its costs (0.75%) and poor transparency.
  15. Titan is the most expensive robo-adviser, with a $250 annual membership and a 0.20% advisory fee, leading to total costs of 1.87% for a $15,000 account.

For investors seeking cost efficiency, Vanguard Digital Advisor and Fidelity Go continue to set the standard. Betterment and Wealthfront provide strong competition with innovative portfolio management and reasonable fees. Meanwhile, platforms like Titan and Merrill Guided Investing ranked lower due to their high costs, Morningstar found.

Investors should carefully consider fees, portfolio construction and available financial planning services when selecting a provider in 2025.

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