Focus on the present while Digital Advisor focuses on the future
$3,000
in minimum assets to enroll1
What is a robo-advisor?
You may have heard the term "robo-advisor" before. As more and more people are turning to their phones and tablets [Visual: man using phone and woman using tablet and laptop.] to handle their finances, it's a word that's getting a lot of use. But what are robo-advisors, and what do they do? Here's an overview that can help you decide whether a robo-advisor might be a good fit for your life and finances.
A robo-advisor is an online platform that manages your investments automatically. It's financial advice that comes from an algorithm instead of a person, and it can take a lot of the time, guesswork, and stress out of owning a portfolio.
When you sign up for a robo-advisor, it'll ask for [Visual: Basic information listed is: Name, date of birthday, retirement status of working/not retired or retired.] basic information about your goals, risk tolerance, and the length of time you want to stay invested.
Then technology takes over to suggest a portfolio for you—but it doesn't stop there. A robo-advisor also does the actual investing for you, and it'll manage those investments over time, rebalancing periodically to make sure your asset mix stays on the right track. [Visual: Asset mix example shows 75% stocks, 20% bonds, 5% cash.] All behind the scenes, all automatically. It's pretty cool when you think about it.
A robo-advisor can be a good option for people who don't want the stress [Visual: woman using calculator, paper and laptop.] of keeping up with the markets or managing their own portfolios. You can set it and forget it, or set it and check in [Visual: Example: Your total goals balance is $132,400, broken down by Total Vanguard Assets of $132,400, your yearly contributions of $13,800, and risk attitude of Moderate.] as often as you want. You get the peace of mind that comes from knowing your money is working hard for you, without all the time and effort it takes to do everything yourself.
Robo-advisors come with another perk. They often charge less in fees than traditional financial advice services, and you can usually start investing with a lower initial deposit.
There are hundreds of robo-advisors out there, and not all of them are alike. That's why it's important to research and compare options to decide what works best for you. Robo-advisors do share one important thing in common, though—they're built to give you the time and freedom to focus on the things in your life that matter the most. After all, this is your journey. [Visual: Be your best financial self™]
Vanguard®
vanguard.com/robo-advisor
All investing is subject to risk, including the possible loss of the money you invest.
Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of VMC. Neither VAI nor its affiliates guarantee profits or protection from losses.
For more information, please review Form CRS and the Vanguard Digital Advisor brochure.
Introducing Vanguard Digital Advisor
Life's not slowing down, and neither are you. [Visual: Couple laughing with children.] Between planning for retirement, [Visual: Woman using iPad.] enjoying time with your loved ones, [Visual: Couple playing with dog.] and just staying in the moment, [Visual: Children splashing in puddle.] you deserve an investing solution that has your back.
Let us introduce you [Visual: Couple looking at laptop] to Vanguard Digital Advisor®—simple, convenient, and built to help you save [Visual: Two people playing with child.]for retirement or other goals that are important to you. [Visual: Woman holding child.]
Powered by data-driven technology and backed by Vanguard's 45 years of investment experience, you can feel confident that Digital Advisor works in your best interest.
Digital Advisor can recommend a personalized asset mix [Visual: Graphic shows 80% stocks, 20% bonds and cash.] based on your goals and appetite for risk.
Hungry for more? [Visual: Family having dinner.] Digital Advisor [Visual: Laptop displays sample Digital Advisor dashboard, including Total goals balance.] will automatically rebalance your portfolio to help keep your investments on track. You can always check in to see your progress.
And if you've got debt weighing on your mind, [Visual: Example shows payment strategies with sample payment and interest amounts, and debt free timeframes.] our debt calculator can help you pay it off faster and with less interest by looking at your different sources of debt and recommending the best order to pay it off.
Saving up for your dream house? [Visual: Example representing move-in date and savings goal amount.] Or kitchen? [Visual: Example representing renovation start date and savings goal amount.] Or wedding? [Visual: Example representing wedding date and savings goal amount.] We've got you covered. Experiment with different options [Visual: Woman typing into laptop a Business start and savings goal.] and save for your retirement and that new car—and maybe that new kitchen, too!
With no advisory fees for the first 90 days of your enrollment, there's no better time to get started. Head to our website today, so we can start helping you reach your goals—and you can get back to what matters most. [Visual: Families smiling together.]
Vanguard®
vanguard.com/digital-advisor
All investing is subject to risk, including the possible loss of the money you invest.
Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of VMC. Neither VAI nor its affiliates guarantee profits or protection from losses.
Vanguard Digital Advisor is an all-digital service. Digital Advisor's annual net advisory fee is approximately 0.15% across your enrolled accounts for a typical ETF investment portfolio, although your actual net fee will vary depending on the specific holdings in each enrolled account. Vanguard Digital Advisor charges a 0.20% annual gross advisory fee to manage Vanguard Brokerage Accounts. However, we'll credit you for the revenues that The Vanguard Group, Inc. ("VGI"), or its affiliates receive from the securities in your Digital Advisor managed portfolio (i.e., at least that portion of the expense ratios of the Vanguard funds held in your portfolio that VGI or its affiliates receive). Your net advisory fee can also vary by enrolled account type. The combined annual cost of Vanguard Digital Advisor's annual net advisory fee plus the expense ratios charged by the Vanguard funds in your managed portfolio will be 0.20% for Vanguard Brokerage Accounts. For more information, please review Form CRS and the Vanguard Digital Advisor brochure.
The debt calculator helps you project the impact of different fixed-rate debt payments over time. To analyze your debt payments, you'll use a third-party aggregation service. There are limitations to the aggregated information, including inability to carve out any escrow payments. There also could be missing or inaccurate information, such as taxes and insurance, that you'll need to closely review in using the calculator.
Once you enroll a taxable brokerage account in Vanguard Digital Advisor, you'll have the option to add nonretirement goals to your Digital Advisor profile. This can help you balance retirement with your other major financial goals. At this time, Digital Advisor only supports nonretirement goals you'd like to achieve before you reach age 59½.
Enrolling in Vanguard Digital Advisor®
Welcome to Vanguard Digital Advisor! You’re just a few steps away from stress-free automated investing that’s tailored to your goals. We’ll walk you through what to expect when you enroll so you can have all the right documents and information ready. Once you start the Digital Advisor enrollment process, it’s okay if you need to pause it at any point. You’ll be able to save your progress and come back to it anytime.
[Visual: Laptop screen shows enrollment screen asking for personal information like name, date of birth, and email address.]
First, if you don’t already have an account with Vanguard, you’ll be asked to create a basic profile with a username and password.
[Visual: Laptop screen shows enrollment screen asking client to create credentials]
Then you’ll fill out your financial profile, which helps us get to know you. You’ll need to provide some details on your current tax filing info, your income (including any bonuses), any retirement accounts you’re contributing to, and your estimated household spending. So, it’s good to have that information handy!
[Visuals: Portions of enrollment screens are overlaid on video asking client to fill out their financial profile information.]
Next, you’ll take our risk attitude quiz. This helps us understand how much risk you’re comfortable taking on.
[Visuals: Various risk options appear as chart formats overlaid on the screen highlighting different amounts of money a client could hypothetically gain or lose by investing. Some levels of money shown include ‘I’m willing to risk a $880 loss to my savings for a potential $3,070 gain.’ and ‘I’m willing to risk a $3,400 loss to my savings for a potential $6,300 gain.’]
You’ll answer questions about what you’d do in hypothetical situations that involve taking risks for the possibility of higher investment returns. At the end, you’ll get a risk tolerance recommendation. This will guide how Digital Advisor invests your funds.
[Visuals: A graphic highlighting that as a result of the risk attitude quiz, the client’s risk attitude is “Very aggressive” on a scale from Very Conservative to Very Aggressive is shown.]
Then it’s time to create your retirement goal. We’ll ask you to set a target retirement age, so you’ll have an idea of how much cash you’ll need to be able to comfortably stop working by then.
[Visuals: Portions of enrollment screens are overlaid on video asking client to enter a range of ages they think they’ll retire during. Screens showing other questions about how long they plan to spend in retirement and possible income in retirement appear on client’s laptop.]
A well-funded retirement is your ultimate destination on the road to financial freedom, and that’s the goal we’re aiming for.
[Visuals: Portions of enrollment screens that show a range of 10,000 scenarios that predict a client’s possible account balances at retirement are overlaid on video. The hypothetical client is also shown that their retirement goal appears to be “well-funded.”]
If you don’t have exact answers to the questions in this section, it’s okay! Just enter your best guess and you can update it later.
Now you’ll be able to see the retirement plan Digital Advisor built based on all the information you entered.
[Visuals: Portions of enrollment screens are overlaid on video showing an “optimal” retirement option for the hypothetical client with age and possible monthly income displayed so that the client can choose that option.]
You can make changes to anything on this screen to see how different numbers would change your overall outlook.
[Visuals: Portions of enrollment screens are overlaid on video showing the client making changes to their planned retirement age and planned number of years they think they’ll spend in retirement to see if their retirement goal remains well-funded.]
After you’re enrolled in Digital Advisor, you’ll also be able to set additional goals to track all the other cool things you’re saving for.
[Visuals: Portions of enrollment screens are overlaid on video showing the option to save for other goals like the client’s business. They enter they want to save $80,000 by 2/2/2025 to invest in their new business.]
If you don’t already have an account with Vanguard, the next step in the process is to open one and deposit some cash into it so that Digital Advisor can start doing what it does best: investing for you.
[Visuals: Portions of enrollment screens are overlaid on video asking client to fill in the type of account they want to open and to enter additional personal information, like their Social Security number, address, and phone number.]
You’ll need at least $3,000 to begin, so be sure to have your bank account and routing numbers ready.
[Visuals: Portions of enrollment screens are overlaid on video showing how the client can enter their bank account information.]
Now you’re in the home stretch. You’ll be asked to select which account or accounts to enroll in Digital Advisor. If you already have eligible accounts with us, they’ll show up here for you to choose from—otherwise, you can select the one you just opened.
[Visuals: Client looking at their laptop and reviewing their final enrollment application.]
You’ll also see what your account’s asset allocation will be based on your risk attitude.
[Visuals: Portions of enrollment screens are overlaid on video showing a pie chart with the hypothetical client’s recommended asset allocation of 80% stocks and 20% bonds and cash.]
Hit confirm, and that’s it—you’re in!
[Visuals: The word “Congratulations!” appears on the screen with confetti around it.]
Now the real work begins, but not for you—for the smart technology you’ve chosen to manage your investments. Nice.
[Visuals: The Vanguard wordmark, short URL (vanguard.com/digital-advisor), and Legal disclosures appear on-screen.]
Important information
All investing is subject to risk, including the possible loss of the money you invest.
Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc., a registered investment advisor (VAI).
For more information, please review Form CRS and the Vanguard Digital Advisor brochure.
Vanguard Digital Advisor's financial planning tools provide projections and goal achievement forecasts that are hypothetical in nature. They’re provided for educational purposes only and aren’t guarantees of future results.
For more information see the Privacy Policy and Service Agreement.
© 2022 The Vanguard Group, Inc. All rights reserved.
Learn more about Vanguard Digital Advisor
- What is a robo-advisor?
- Introducing Vanguard Digital Advisor
- How to enroll in Vanguard Digital Advisor
- What is a robo-advisor?
- Introducing Vanguard Digital Advisor
- How to enroll in Vanguard Digital Advisor
See Digital Advisor in use
Guidance on all your finances
Guidance on your whole financial picture
Your dashboard reflects your progress in saving for retirement, and you can see exactly where your money is invested.
A clear retirement outlook
A clear retirement outlook
Here you can view how making changes to your retirement age, spending amount, or contributions impacts your progress toward a successful retirement.
Support for more than retirement
Support for more than retirement
Once you've set your retirement goals, you can add other financial goals, like buying a home. We'll create a strategy for each new goal while keeping your retirement plan on track.
Enjoy no advisory fees for 90 days3
Unique goals deserve personalized strategies
As an advice client, your financial journey drives the diversified blend of ETFs (exchange-traded funds) and mutual funds included in your portfolio—regardless of which investment option you choose.
Already have investments with us?
You may be able to keep some of your current investments when you enroll to lessen tax impacts.
Your personalized all-index investment option will center on low-cost Vanguard ETFs®, offering broad diversification covering nearly all aspects of U.S. and international stock and bond markets.
Who benefits from this investment option?
Investors looking for index funds that track broad U.S. and international stock and bond markets.
If you have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable accounts.***
What are the advisory fees?
$20
You’ll pay no more than $20 per $10,000 annually.2
What funds are used in this investment option?
Interested in this investment option?
Your personalized active/index investment option of Vanguard ETFs® and mutual funds will combine the chance for higher returns from actively managed funds with the broad diversification of index funds. It may also include up to 3 Advice Select funds available exclusively to our advice services clients.
Who benefits from this investment option?
Investors who are patient when active funds have periods of underperformance and are willing to pay a higher advisory fee with no guarantee of long-term outperformance.
If you have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable accounts.***
What are the advisory fees?
$25
You’ll pay no more than $25 per $10,000 annually.2
What funds are used in this investment option?
Interested in this investment option?
Your environmental, social, and governance (ESG) investment option will help to align with your preferences by substituting Vanguard ETFs® that apply prescreened ESG criteria defined by third-party index providers. It will also contain certain non-ESG bond ETFs to provide additional diversification.*
Why might you choose this investment option?
Investors who are seeking an investment option that helps to align their personal preferences. Though not as broadly diversified as total market funds, the ESG funds we use—when combined—include thousands of stocks and bonds to help balance investment risk and reward.
If you have higher taxable income, we'll use tax-exempt investments for your U.S. bond allocation in your taxable accounts.***
What are the advisory fees?
$20
You’ll pay no more than $20 per $10,000 annually.2
What funds are used in this investment option?
Interested in this investment option?
Frequently asked questions
Enrollments in Vanguard Digital Advisor require at least $3,000 in each Vanguard Brokerage Account.1 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 Digital Advisor at the time of enrollment, see next question for more details) and/or the brokerage account's settlement fund.
For eligible 401(k) retirement accounts, the minimum enrollment balance is $5.6
Your eligibility screening will determine whether you have the types of investments that Digital Advisor can manage. In some cases, you'll need to sell all or a portion of certain investments as part of the enrollment process so we can manage them for you.
For each brokerage account you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening by Digital Advisor at the time of enrollment) and/or the brokerage account's settlement fund. If your brokerage accounts include Vanguard index funds or Vanguard ETFs®, you may be able to keep those investments in your Digital Advisor account. However, we may recommend you sell down those or other investments before enrolling. Since there may be costs and tax consequences associated with selling your existing investments, we use a breakeven cost analysis to weigh the costs of transitioning the investments you hold before enrolling in Digital Advisor (see our Digital Advisor brochure for more details). We estimate the capital gains tax impacts compared to the expense ratio benefits from selling investments that aren't our lead recommendation (the investment we would typically recommend for you), but that still align with your recommended asset allocation. So depending on the outcome of the breakeven analysis, we may recommend that you continue to hold certain investments subject to our portfolio construction guidelines—or we may determine it's in your interest to sell down a particular investment during enrollment.
The following types of investments cannot be in your brokerage account before enrolling in Digital Advisor: non-Vanguard mutual funds, individual bonds, securities traded on international exchanges, preferred stocks, penny stocks, illiquid stocks, and options.
In this case, you'd need to sell the ineligible investments and invest the proceeds in your brokerage account settlement fund before enrolling. If you're in this situation, you might also consider opening a new Vanguard Brokerage Account to enroll in Digital Advisor.
Important: Digital Advisor doesn't assess the suitability of the sale of existing holdings given a particular client's financial circumstances, recommend selling a client's existing holdings to enroll, or provide tax advice. The sale of existing holdings could cause you to incur capital gains—costs associated with incurring capital gains vary based on the time you hold a position and your individual tax situation. The cost of incurring capital gains can be substantial. We recommend you consult a qualified tax advisor to discuss your individual situation and any potential tax consequences.
For eligible 401(k) retirement accounts, Digital Advisor doesn't require a money market or stable value fund minimum balance.6
To enroll, you'll need to meet the following requirements:
- You have a retail Vanguard Brokerage Account with a balance of at least $3,000. (If you're new to Vanguard, opening an account is simple.)
- You're a United States resident, or you have an APO/FPO/DPO mailing address.
- You’re at least 18 years of age. (At least age 19 in Alabama or Nebraska and at least age 21 in Mississippi.)
- You're not—or do not live in the same household as—a board member, executive, or someone who's able to influence policy in a publicly traded corporation.
If you have a Vanguard-administered 401(k) retirement account, you may also be eligible to enroll.6 Restrictions may apply to certain organization members.
Vanguard Brokerage Option (VBO®) accounts offered by plan sponsors aren't eligible for management by Digital Advisor. Special notice to non-U.S. investors 
Digital Advisor can manage eligible 401(k) retirement accounts6 and the following types of retail Vanguard Brokerage Accounts:
- Individual or joint tenants with rights of survivorship (JTWROS) taxable accounts.
- Traditional IRAs.
- Roth IRAs.
- Rollover IRAs.
However, we recommend that you connect other Vanguard and non-Vanguard accounts as you plan your goals so we can incorporate them into your goal growth projections, and help you forecast your likelihood of meeting your long-term goals.
Your first eligible Vanguard Brokerage Account (IRA or taxable) or employer-sponsored retirement plan account (401(k)) qualify for the advisory fee waiver. (If your employer-sponsored plan account qualifies for the advisory fee waiver, you’ll see that during the enrollment process.)
If your account has been enrolled in Digital Advisor for more than 90 days, any new accounts you subsequently enroll are not eligible for the advisory fee waiver.
Employer-sponsored retirement accounts enrolled by the plan fiduciary are not eligible for the advisory fee waiver.
For more information on Digital Advisor’s fee structure, see the VAI Form CRS and the Vanguard Digital Advisor Brochure.
Digital Advisor offers a portfolio of actively managed mutual funds and index ETFs for Vanguard Brokerage Accounts. During the onboarding process, you'll take an assessment to determine whether you have the risk temperament for active strategies and can ride out periods of active underperformance. Incorporating active funds allows for greater portfolio personalization and the potential for better investment outcomes for those clients willing to pay a higher cost for that potential.
Digital Advisor takes a holistic approach to funding your goals by "pooling" your assets across all your accounts to fund your goals. This way, your accounts will work together to get you closer to success. Plus, Digital Advisor will shift resources where needed and adjust automatically to ensure your asset mix evolves for managed goals.
As your managed goals get closer, we'll make sure amounts you need to withdraw are invested more conservatively to reduce market risk. Contributions you make will be optimized to support all your goals, and any cash you withdraw will affect all your goals. With a dynamic portfolio, a single, evolving asset mix, and automatic adjustments, your goals will be aligned to help you stay on track together and take advantage of tax efficiencies.
Note: Because our approach is designed to optimize your investment returns, and minimize risk in the short term, Digital Advisor can only support goals that are at least 18 months away. To remain enrolled in Digital Advisor, you’ll need to have at least $3,000 in your account after making a withdrawal. (If you have less than $3,000, your account is no longer eligible to be managed by Digital Advisor and you would need to unenroll. There are no cancellation fees or penalties for having an account that no longer qualifies for the service.)
Robo-advisor is a commonly used term for an all-digital financial planning and investment management service. Robo-advisors often use algorithms (i.e., processes or sets of rules followed in computer calculations) to provide automated investment services without human interaction. A robo-advisor typically gathers information about your investing goals, uses an algorithm to determine an appropriate asset allocation, and builds an investment portfolio tailored to your situation. Most robo-advisors automatically rebalance your portfolio, so you don't have to.
We're glad you asked! Our money-management service:
- Features state-of-the-art financial planning and portfolio construction capabilities, powered by Vanguard's practical and time-tested investment strategies.
- Offers access to high-quality investments consisting of Vanguard ETFs®, plus robust, easy-to-use financial planning tools.
- Connects to non-Vanguard accounts so it can present you with a holistic picture of your financial life and more accurate projections.
- Focuses on helping you build retirement savings and includes a debt payoff tool.
- Continues to add new features to help with your financial planning needs.
Digital Advisor can manage your personal investment accounts and certain employer-sponsored 401(k) retirement accounts for which Vanguard is the recordkeeper.6
Vanguard is one of the most trusted names in financial services built on the radical idea of putting investors' best interests first.
You'll incur expenses to invest in the underlying funds, collective investment trusts, and ETFs in your portfolio (i.e., expense ratios). If you're invested in ETFs, collective investment trusts, or mutual funds today, you're already paying these expenses. We credit the revenue received from your investment portfolio toward the gross advisory fee and deduct only the additional net advisory fee from your managed accounts.
In general, if you incur a fee that results in revenue for Vanguard or a Vanguard affiliate, it will be included in this credit amount. Certain regulatory required trading fees aren't considered revenue and are still incurred for trades within Vanguard Brokerage Accounts, but not credited. For more information about Digital Advisor's fee structure, refer to Form CRS Conversation Starter questions and the Vanguard Digital Advisor Brochure.
Market volatility is when the price of stocks swings up or down because there's too much trading in one direction (substantially more buys than sells or vice versa). Many investors might see the stock dip and want to sell or wait to "time the market." The market, however, is unpredictable. But that doesn't mean your money is completely up to the whims of the headlines. Even with daily ups and downs, the overall market has historically grown over the decades.
With Digital Advisor, you can benefit from the market's long-term growth with a time-tested strategy: owning a balanced portfolio. The foundations of a balanced portfolio are asset allocation and diversification. Digital Advisor will maintain your investments so you'll always have a portfolio that aligns to your retirement goal. If you choose to add other goals, it can adjust your holdings to keep you on target. We'll rebalance your portfolio if we detect it's drifted more than 5% from our recommended allocation.
What can you do during market swings? You can look at your accounts and update your information if anything has changed. You can also check out Vanguard's resources on market swings. Rest assured that your goal projections take all kinds of market volatility into account—while short-term "blips" might feel jarring, we have your long-term focus in mind.
Awarded January 2023, based on data as of October 2022.7
Awarded March 2023, based on data as of December 2022.8
Compensation provided for use of the rating in marketing materials.
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Stay in the loop
Share your email address below so we can keep in touch with the latest buzz on Vanguard Digital Advisor.
We may also send you other Vanguard information you might be interested in. You can opt out at any time.
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We will automatically import your information to expedite the enrollment process.
New to Vanguard? Create an account.
Welcome! If you don’t have an account with Vanguard, you must create one before enrolling in Digital Advisor®.
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 a Vanguard mutual fund or Vanguard ETF prospectus or, if available, a summary prospectus, which contains investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing.
1Enrollments in Vanguard Digital Advisor require at least $3,000 in each Vanguard Brokerage Account. For each taxable account you wish to enroll, the entire balance must be in the brokerage account's settlement fund. For each traditional, Roth, or rollover IRA you wish to enroll, the entire balance must be in certain investment types (based on eligibility screening by Digital Advisor at the time of enrollment) and/or the brokerage account's settlement fund.
2Vanguard Digital Advisor is an all-digital service. Digital Advisor charges brokerage accounts an annual gross advisory fee in the amount of 0.20% for an index portfolio option or 0.25% for an active portfolio option. That gross advisory fee is reduced by a credit of the actual revenue The Vanguard Group, Inc. ("VGI"), or its affiliates retain from investments in each enrolled account, resulting in a net advisory fee. The net advisory fee is the actual fee collected from your account(s) and will vary based on your unique asset allocation, portfolio option, account type, and specific holdings in each enrolled account. Note that this fee doesn't include investment expense ratios charged by a fund, such as fees paid to the funds' third-party managers which are not credited. While we generally recommend using low-cost Vanguard funds to build your portfolio, actively managed funds will have higher expense ratios than index funds. For more information on the services, find VAI's Form CRS and each program's advisory brochure here for an overview.
*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 Digital 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.
**Vanguard will determine if tax-loss harvesting is appropriate for your specific situation. Tax-loss harvesting is included in your Digital Advisor advisory fee. 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.
3The introductory waiver period for Vanguard Digital Advisor's net advisory fee begins when the first account's enrollment is complete and ends after the close of the first billing period (generally 90 days), which is specific to each client. If you enroll additional accounts at a later date, you can still take advantage of any remaining fee-waiver period. However, each additional account you enroll won't trigger a unique fee-waiver period but will instead be commingled with your first enrolled account. If you unenroll before your fee-waiver period ends, you won't owe an advisory fee. But if you choose to reenroll in Vanguard Digital Advisor during or after your fee-waiver period, you won't be eligible for a second fee waiver. If you previously enrolled accounts in other VAI proprietary retail offers you will not be eligible for the introductory fee waiver. This fee-waiver offer may be modified or discontinued anytime at the sole discretion of Vanguard Advisers, Inc. All costs associated with fund expense ratios still apply at all times.
4Based 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.
5Vanguard Digital Advisor's debt payoff calculator helps you project the impact of different fixed-rate debt payments over time. To analyze your debt payments, you'll use a third-party aggregation service. There are limitations to the aggregated information, including inability to carve out any escrow payments. There also could be missing or inaccurate information, such as taxes and insurance, which you'll need to closely review in using the calculator.
6Vanguard-administered 401(k) retirement accounts are only eligible for management by Digital Advisor if the plan sponsor has elected to offer Digital Advisor to the plan's participants and the participants meet the eligibility criteria.
You should consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your 401(k) account.
7Vanguard Digital Advisor received the top rating for "Best Robo-Advisor for Low-Cost Investing" for 2023 among 16 other robo-advisors selected by NerdWallet. NerdWallet evaluated each provider across the following weighted criteria as of October 1, 2022, to determine the winner for low costs: management fees (50%), expense ratios on investments (40%), and account fees (10%). NerdWallet also selected Vanguard Digital Advisor for the 2021 award based on November 16, 2020, data and the 2022 award based on October 1, 2021, data. Additional details about NerdWallet's methodology are available on their website. Current fees may vary for Digital Advisor and the other robo-advisors considered. Although Vanguard compensates NerdWallet for marketing services, NerdWallet's opinions and evaluations are independent and unrelated to the selection of Digital Advisor for this award. ©2017-2023 and TM, NerdWallet, Inc. All Rights Reserved.
8Vanguard received the first overall ranking in Morningstar's 2nd annual "Robo-Advisor Landscape Report" for 2023 among 17 other robo-advisors selected by Morningstar. Morningstar evaluated each provider across the following weighted criteria as of December, 2022, to determine their rankings: total price (30%); the process used to select investments, construct portfolios, and match portfolios with investors (30%); the parent organization behind the digital platform (20%); and breadth of services (20%). Vanguard also received the same ranking in 2022 in Morningstar’s first annual "Robo-Advisor Landscape Report" based on December 2021, data. Additional details about Morningstar's methodology are available on its website. Current fees may vary for Digital Advisor and the other robo-advisors considered. Although Vanguard compensates Morningstar for marketing services, Morningstar's opinions and evaluations are independent and unrelated to the selection of Vanguard for this ranking. Following the independent announcement of this ranking, Vanguard purchased a license from Morningstar for the right to include this rating in Vanguard marketing.
Vanguard Personal Advisor Services and Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of Vanguard Marketing Corporation ("VMC"). Neither VGI, VAI, 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.