I recently changed jobs and have a sizable sum in my old employer's 401k plan. It's doing fine but there are quite a few fees and I would prefer to roll it over. I'm considering two options.
First, my financial advisor is trying to talk me into letting him roll it over and manage it. The cost seems steep to me, 1.5% of my account value yearly. He claims they easily make that 1.5% up by out-performing the market, but it seems a little fishy to me. Is a flat 1.5% of the total account value a high/low/about average cost this?
My other option is to go with Vanguard and handle everything myself. I'm not interested in spending a lot of time on it; just get diversified and adjust myself every year or so.
Thoughts or advice?
Use a financial advisor to rollover and manage a 401k plan for a flat 1.5% account value fee or do it all myself?
I ended up doing the roll-over through Vanguard. It was a very painless process. Vanguard made everything very easy so I opened a brokerage account as well :). Thanks for the help!