Personal Advisor | Vanguard (2024)

All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss.

Visit vanguard.com to obtain aVanguard mutual fundorVanguard ETFprospectus or, if available, a summary prospectus, which contains investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing.

All costs associated with fund expense ratios still apply at all times.

¹Enrollments in Personal Advisor require an aggregate $50,000 balance or greater in eligible Vanguard Brokerage Accounts. For each taxable, traditional, Roth, or rollover IRA you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening by Personal Advisor at the time of enrollment) and/or the brokerage account's settlement fund.

²Vanguard Personal Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.35% for its all-index investment options and 0.40% for an active/index mix. These services reduce those fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from your portfolio in order to calculate your net advisory fee. Note that this fee doesn't include investment expense ratios. Please review the service’s advisory brochure for more fee information.

^*Tax-loss harvesting involves certain risks, including, among others, the risk that the new investment could have higher costs than the original investment and could introduce portfolio tracking error into your accounts. There may also be unintended tax implications. We recommend that you carefully review the terms of the consent and consult a tax advisor before taking action.

^**Although the income from a municipal bond fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax.

^***To maintain diversification, this portfolio option will also include non-ESG investments to achieve your target asset allocation for international and domestic bonds.

The ESG investment option gives Personal Advisor clients the ability to substitute certain existing holdings with Vanguard ETFs that invest according to an index that has been pre-screened based on ESG factors determined by a third-party index provider. There is no guarantee that the ESG investment option will perform better than the other investment options.

ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the index provider for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria. The index provider's assessment of a company, based on the company's level of involvement in a particular industry or the index provider's own ESG criteria, may differ from that of other funds or of the advisor's or an investor's assessment of such company. As a result, the companies deemed eligible by the index provider may not reflect the beliefs and values of any particular investor and may not exhibit positive or favorable ESG characteristics. The evaluation of companies for ESG screening or integration is dependent on the timely and accurate reporting of ESG data by the companies. Successful application of the screens will depend on the index provider's proper identification and analysis of ESG data.

³Based on enrolling accounts holding assets in the settlement fund that are invested in a portfolio of Vanguard Total Stock Market ETF, Total International Stock ETF, Total Bond Market ETF, and Total International Bond ETF.

You should consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your 401(k) account.

⁴Vanguard-administered 401(k) retirement accounts are only eligible for management by Personal Advisor if the plan sponsor has elected to offer Personal Advisor to the plan's participants and the participants meet the eligibility criteria.

Vanguard’s advice services are provided by Vanguard Advisers, Inc. (“VAI”), a registered investment advisor, or by Vanguard National Trust Company (“VNTC”), a federally chartered, limited-purpose trust company.

The services provided to clients will vary based upon the service selected, including management, fees, eligibility, and access to an advisor. Find VAI’s Form CRS and each program’s advisory brochure here for an overview.

VAI and VNTC are subsidiaries of The Vanguard Group, Inc., and affiliates of Vanguard Marketing Corporation. Neither VAI, VNTC, nor its affiliates guarantee profits or protection from losses.

Vanguard is investor-owned, meaning the fund shareholders own the funds, which in turn own Vanguard.

If you decide to manage your investments on your own, you can buy and sell Vanguard ETF Shares through Vanguard Brokerage Services® or another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for full details. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.