I would classify that as FUD. The article complains that Vanguard's 10x less expensive wrapper fund isn't as inexpensive as buying separate Admiral's share ver

I would classify that as FUD. The article complains that Vanguard's 10x less expensive wrapper fund isn't as inexpensive as buying separate Admiral's share versions of their index funds. They neglect to mention the minimum investment amounts for Admiral shares nor the risk of behavioral or technical errors rebalancing that could eat away any gains you might get from maintaining a fund mix yourself across several accounts. This actually happened to me and wiped away a few months of gains. I personally keep separate funds, but I do it because I have many accounts with varyings amounts of money and need to maintain an asset allocation across all of them. Retirement funds make that hard as does lack of fund choice in many accounts. For people not willing or stressed out by managing their money, wrapper funds offered by Vanguards are a great option that shouldn't be confused with other target retirement funds that are based on active trading strategies. In the future it's possible they will make an Admiral version.