How does the system sell the funds at EJ and buys at VG?
It's pretty simple in normal situations.
There are no physical assets here. There is a central database that we don't hear much about and I have forgotten the company name, but each of your assets is listed with you as owner and your broker as holding the asset for you in a specific account. The "transfer" is simply a bookkeeping entry to change the broker name and account.
With Fast Eddie, things may not be quite normal. First I have heard that they are slow to transfer. Somewhere in the middle of that you might hear from your FA, trying to talk you out of taking the assets. Ignore that. Fees look like $95:
https://www.edwardjones.com/images/brokerage-schedule-of-fees.pdf Ask your receiving broker to pay the fee.
Second, if they are told to sell the assets they will probably charge fees to do that. Maybe high fees, I don't know. So I suggest transferring in kind, to avoid this risk. Here is a somewhat breathtaking fee schedule I found:
https://www.edwardjones.com/images/ETY-1714E-A-MA.pdf though it may be out of date. I believe that neither Vanguard nor Schwab charge trading fees any more.
Third, they might have sold you assets that cannot be transferred/proprietary to Eddie. They got their hooks into a friend of mine several years ago and he ended up owning four (!) annuities, only one of which could be transferred. Your rep at VG or Schwab may be able to help you if you are in a situation like this, but my friend was unable to escape.
The problem is which funds would I choose say if I go to Vanguard since I have multiple MF’s at EJ for my Roth IRA and FA manages that.
Take @pb4's good advice. The funds that Eddie chose are likely to be high fee, hence poor performers, and there is no reason to have a lot of different funds anyway.
Yes. This one would be a good place to start. @pb4 and I differ slightly on strategy. I think he would say to start and stop with VTSAX. I am a believer in holding non-US stocks, so I would suggest that you season to taste with VGTSX somewhere down the road.