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There are a couple key things. If the Vanguard plan is not a 529, then while it may be state tax deductible it may not be federally deductible. You will want to check on that. You also want to make sure you can take tax-free distributions to pay for your kids' education. Colorado's 529 is not on Clark's honor roll, so you might be better going with another state, like Utah (also Vanguard). This is permissable, and while you sacrifice the state tax benefits, you still get the federal tax features.

Fuskie
Who notes all state 529 plans are not equal, even with the same brokerage...
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