You are correct. The big caveat as stated at this link is: "most stocks, bonds, options, exchange-traded funds and mutual funds can be transferred as is. Still, some investments — particularly those not offered or supported by the new broker — will need to be sold," Important - I am not an expert here, this is just my best pleb understanding. Maybe I'm a weird outlier but when looking at Vanguard versus a few other brokers, most of the Vanguard funds I'm using are not offered at competitors. Most investment advisors seem to want you in their funds and not in a competitor's fund, so they often refuse to offer them. If you just hold individual stocks, bonds, and non-Vanguard funds you may be okay to do an in kind transfer and avoid the tax hit. Also, some brokers do seem to offer some Vanguard funds so maybe it's more possible than I think. But it's at least daunting and a lot of work.