My company is being sold at the end of October. With this event comes decisions to be made with my current 401(k) with Fidelity and my vested retirement. The new company's 401(k) will be with Merrill Lynch. Of course the local brokers are all circling like vultures to get their piece of the action.
I'm leaning towards placing my vested retirement with Fidelity, with the eventual plan to move all the funds to Merrill Lynch. Those transactions have no transfer fees and all funds are no-load. The local brokers want 3-4% upfront to place the money in five funds and let it ride for 20 years.
Any advice or experience in these situations, especially what NOT to do? I'm having trouble justing paying 3-4% to a local broker. I'm not sure that I will be getting any value from that fee. Thanks.