Wells Fargo Advisors and Robinhood emerged as top performers in their respective categories in J.D. Power's latest assessment of how wealth managers are reshaping their digital platforms to keep investors engaged.
Wells Fargo Advisors scored 756 in the advised investor segment, while Robinhood notched 724 in the do-it-yourself category, according to the 2025 US Wealth Management Digital Experience Study released Thursday.
JPMorgan Wealth Management (748) and Charles Schwab (717) followed in second place in those two segments, respectively. Fidelity tied for third place with Stash in the DIY category.
The research underscores how technology upgrades are becoming table stakes in a competitive wealth management landscape where investor expectations continue to rise. Wells Fargo has been rolling out its Advisor Gateway platform, a modernized desktop system that consolidates client information and streamlines portfolio management for advisors.
Meanwhile, Robinhood has been aggressively building out trading capabilities on its Legend desktop platform, launched in October last year, which includes advanced charting indicators and expanded cryptocurrency functionality. The firm's aggressive push to expand into crypto and prediction markets, which helped power its earnings beat in the third quarter, couldn't have hurt either.
The strong performance by Vanguard and Schwab reflects years of substantial platform refinement.
Vanguard has been particularly aggressive in upgrading its advisory services. The firm became the first and only provider to receive high marks across all categories in Morningstar's 2025 robo-advisor assessment earlier this year, and it lowered its starting account minimum to $100 from $3,000, expanding access for smaller investors. Vanguard also expanded the data points it considers when building portfolios, made tax-loss harvesting more widely available, and added fractional share trading.
Still, Vanguard's third-place finish in JD Power's advised investor ranking is less of a win considering it held the top spot in DIY investor satisfaction rankings for three consecutive years. The company has continued enhancing its services for self-directed clients throughout 2024, though it's been squeezed from both sides by fintech competitors and traditional firms as they introduce more sophisticated digital tools.
Last year, Schwab added new data points to its platform like mark price, day range, and 52-week range to its order status features, part of a broader initiative to simplify the self-directed investing experience.
Mike Foy, managing director and head of wealth intelligence at J.D. Power, noted that firms need to move beyond individual digital upgrades.
"The continued growth of fintech players in the wealth management space has really raised the bar on investor expectations of a truly personalized digital experience," Foy said, adding that "it is critical that they also deliver a consistent cross-channel experience that connects with investors whether they are engaging via desktop, mobile app or speaking offline with an advisor or representative."
The study identified several trends reshaping the competitive landscape. Virtual assistants powered by artificial intelligence have become increasingly standard, with 60% of DIY apps and 54% of advised apps now offering the feature. Investors using firms that provide AI-powered assistants reported satisfaction scores 47 to 72 points higher than those without access to the technology, depending on whether they worked with an advisor or managed their investments independently.
But the technology has limits. Wealth management firms' virtual assistants remain effective primarily for routine tasks and reactive queries. More complex requests typically require escalation to human advisors or representatives, signaling that algorithm-driven tools are complementing rather than replacing personal financial guidance.
Jon Sundberg, senior director of digital solutions at J.D. Power, emphasized that beyond the flashy features, fundamentals matter most. "The real key to investor engagement with wealth management apps and websites is intuitive, clean design and consistency across different communication channels," Sundberg said.
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