Reply to Consolidating 401ks

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[quote=Anonymous]Anyone who tells you to consolidate needs to be disregarded. We don't have nearly enough information about your current 401ks to draw an informed conclusion. It depends entirely on the investment options available in each of those accounts and your current provider. Since you mention your current one is with a bank you've never heard of, I'm going to guess the investment options are not great (at least compared to a T Rowe or Fidelity or other provider that has its own good fund options). You need to evaluate the options in each of them.

Personal anecdote from my own finances. Several years ago spouse and I were trying to figure out what to do with old 401ks. Lots of seemingly knowledgeable people told us to consolidate. We went to a flat fee planner who looked at our respective legacy 401ks. Spouse was with Fidelity and invested in Admiral class funds closed to new investors that we would not have been able to access anywhere else. Mine was invested in the marginal options provider by my former employer. Advisor told us to leave spouse's investments at Fidelity and move mine out. 
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