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Reply to "Move 401K Funds out of Employer Account to IRA Managed by Advisor?"
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[quote=Anonymous]Your advisor may be getting commissions on trades. Do you know? If your "employer" 401k is in well managed funds like Vanguard, TIAA then it may be ok to leave them there, at least the employer contribution part if there is one. I do not know why a direct rollover from one retirement fund to another where the check or transfer goes to the accepting fund would have any tax hot. If it goes to your "advisor" it might unless they have an IRA set up, deposit it in there promptly and prove it to IRS and state tax. If one of you is able to earn a 3M 401k they can surely read this https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions[/quote]
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