What's happening with Vest?

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Vest has decided to grow its operations in order for you to continue having the best experience with your investments, we want to give you access to better tools and services, which is why we have made some changes that directly impact your investment account.

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• The application you will use to invest will be Sproutfi by Vest.
• Your broker will now be Northbound Securities.
• Our primary firm or custodian will be Drivewealth.

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How does this change affect my investment account?

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Your investment account will continue to have the same features. However, due to the change of custodian and Broker, the assets you have in your investment account will be transferred automatically and at no cost, the transfer will be of your entire portfolio (shares, fractional shares, ETFs and including the money available in your portfolio).

Smartvest assets will be transferred as individual assets and not as a smart portfolio.

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Will my balance remain in dollars?

Yes, your investment will continue to be reflected in dollars including the new money you invest. You will be able to continue to carry out your investments within the U.S. stock market without any problems.

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What is the new broker?

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Until this date your portfolio was custodied by Vestfi Inc. and now it will be custodied by Northbound Securities which is also a US broker (or "executing broker") and member of FINRA (Financial Industry Regulatory Authority) and SIPC (Securities Investor Protection Corporation).

This broker will facilitate the custody of our clients' investment accounts (old and new) in the United States and will also manage from now on all your transactions in the U.S. stock market.

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Am I obligated to transfer my assets to this new broker?

No, you have two options:

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1. Withdraw your money to your bank account. For this you can sell your assets and request the withdrawal of your money through your Vest app to the bank account you have associated (SPEI or ACH) or you can also request an international wire transfer, you only have to send all the required information to our support team.

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Remember that in order to withdraw your money you must wait 2 business days after the sale of your shares. The maximum deadline for withdrawals from the current Vest app will be October 3, 2023.

2. You will be able to transfer your assets to another broker through an ACAT. Please note that you must request the transfer of your portfolio directly with the broker you wish to move your current assets to.

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This process can only be done between regulated brokers, to verify if the broker you are thinking of moving your assets to is regulated you can validate it here. The maximum deadline to apply will be September 25, 2023.

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Will I be charged any commission for transferring my broker account?

No. Since this migration is a transfer of assets, this is an automated process, there will be no cost to you as a user. 

Please note that this transfer will not cause a taxable event, since we are not selling your positions as a client, what we are doing is transferring the same assets to another broker.

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What will be the communication channels with Vest now?

The communication channels have not changed, in fact, we have added a new one for you. If you want to talk to our Customer Success team and you have questions about the change of broker or different ones you can do it through these channels:

• Chat: Through our new app you will be able to write to us in real time, what does this mean, our CS team will be available for you helping you with all your doubts as soon as possible. 
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• Email: Our customer service email will continue to be soporte@mivest.io here you can continue to write to us on any topic you want. 
  
  

• Social Media (Facebook, Instagram y Twitter): Here you can leave your comments, suggestions and questions about your account or Vest. We will be happy to help you.

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Remember that our office hours are Monday to Friday from 9:00 am to 5:00 pm ET. 

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What do I have to do now? 

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For now you don't need to do anything. We will share with you via email all the information you need to access the new platform once we finish the migration process.