# Vanguard Personalized Indexing Management

Vanguard Personalized Indexing Management is an Asset Manager.

## Overview

- **Organization type:** Asset Manager
- **Assets under management:** Undisclosed

## Regulatory record

- **CRD number:** 285366
- **SEC file number:** 801-114487
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/285366

## About

VANGUARD PERSONALIZED INDEXING MANAGEMENT is an SEC-registered investment adviser in Oakland, CA, registered since 2019. The firm manages approximately $11.4 billion in assets. It has 39 employees and 5 investment advisers.

## Sectors

- Wealth Management
- Index Investing

## Questions

### What is the minimum investment for VPIM?

The stated minimum is $100,000, significantly below the $500,000–$1 million typical for direct indexing at other firms (per Vanguard's public materials, 2020). This threshold is aligned with Vanguard's Personal Advisor Services.

### How does VPIM handle tax-loss harvesting compared to fund-based indexing?

VPIM harvests losses at the individual stock level, selling depreciated assets and buying similar but not identical replacements to maintain market exposure. This can generate more tax alpha than mutual fund indexing, where losses are harvested at the fund level only when the fund sells.

### Is VPIM only for U.S. clients?

Yes, VPIM is available only to U.S. residents with accounts held at Vanguard Brokerage Services. International clients cannot currently access it directly.

### Does VPIM allow clients to exclude stocks or sectors?

Yes, direct indexing lets clients customize their portfolio by excluding specific companies, industries, or ESG-screened categories while maintaining market-matching returns. Vanguard's platform supports such restrictions.

### How does VPIM differ from Vanguard's standard index funds?

Standard index funds provide exposure via a single pooled vehicle, while VPIM gives direct ownership of the underlying stocks. This enables personalization, tax harvesting at the holding level, and the ability to avoid positions at odds with client values.

### What index does VPIM typically track?

The default benchmark is the S&P 500, though Vanguard offers customization to track other indices such as global or sector-specific indexes. Clients can also blend multiple indices.

### Does VPIM use a robot-advisor or human advisors?

VPIM is offered through Vanguard Personal Advisor Services, combining automated rebalancing and tax-loss harvesting with access to a dedicated human advisor. This hybrid model is standard for Vanguard's wealth offerings.

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Last updated: 2026-06-03T20:00:00.000Z

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