Hmmmm.....where to start

[swampshark]

I've been contributing to my 401k for many years through various work places...only up to 800k+ now at 61 y.o. All I've ever been able to do is to change my selections around in the mutual funds within the plan based on Morningstar and rate of return information available. My employer moved from Fidelity to Prudential a couple of years ago (don't know why). At my age, I don't think I'll have enough time to recoup losses from another crash or huge dip (gonna try to retire at 63). My question is I would like to move the bulk of this money to a financial advisor (leaving small amount in 401k for company matching and continue to contribute) but not sure how to start the process of locating someone or some company with way more financial skills than me. So far, the only friend I've asked (recently retired) uses Wells Fargo. I did contact Prudential and they said they are not a fiduciary and could offer no advice. I also tried some of the infomercial stuff but googled the company's customer reviews and it scared me away. Any sage advice on starting this process? Thanks.

[58LesPaul]

You can move it to a cash reserve fund within the 401K for the time being. That will protect your capital until you figure where you want to transfer it. You can also transfer your 401K into another fund company into an IRA, like back to Fidelity, at age 59 1/2 while still employed.

Will the new Financial Advisor get part of your capital as fees when it is moved even though it is in a 401K? IDK, but they can get up to 5% sometimes. If not they will probably charge higher yearly fees.

I have no advice on who to put your money with since I do it all myself.

[dvl2700]

I was in your shoes a few years ago. Moved my 401k to Vanguard under the recommendation of my brother in law. I also subscribed to the Independent Advisor newsletter for Vanguard. In early 2018 my wife wanted the money professionally managed and we enrolled in the Vanguard Advisor service. It has worked out well as I had a 80 stock 20 bond mix. They moved it to 60/40. Last Christmas I had them move to a 50/50 mix. Compared to my wife's 401 with Voya, we were about 2 to 3% ahead with Vanguard. Wife just retired and we moved her 401K to Vanguard.
I would recommend Vanguard or Fidelity for long term investing.
dvl2700

[CigarBasser]

Recommend Fidelity too.. Have been with them for almost forty years.. Recently moved from a managed acct (Mutual Funds) into their wealth management account (Stocks/bonds).. They have meet our goals thus far and have reconfigured the portfolio to a more tax sensitive one.. Planning to retire in Mar 21. Give them a look.

[digthemup]

Recommend Fidelity too.. Have been with them for almost forty years.. Recently moved from a managed acct (Mutual Funds) into their wealth management account (Stocks/bonds).. They have meet our goals thus far and have reconfigured the portfolio to a more tax sensitive one.. Planning to retire in Mar 21. Give them a look.

CB,
I have been with Fidelity about same time, since they were managing my old employer's 401, I have been thinking about their wealth management account, but I did not know any one in it.
How good are they doing for you?
What return?
What fee?
Thank you much sir,
Frank

[CigarBasser]

Frank, PM sent.. Dave

[digthemup]

Frank, PM sent.. Dave

Thanks Dave