I loved the scene in the movie Donnie Brasco where the gang needs to make money for their boss\u2019 take and they\u2019re trying to hammer money out of a parking meter. In similar news, Fidelity has changed its focus on rollovers for the plans they serve as third party administrator.<\/p>\n
Fidelity Investments has reversed its long-standing push for 401(k) rollovers by agreeing to advise assets from former participants that stay with their plan sponsor clients. They say it\u2019s because too many ex-employees refuse to fill out forms or deal with their old HR department. It probably has to do with the thinning margins from rollover accounts, especially with the elimination of commissions industry-wide.<\/p>\n
Fidelity will only allow investors to keep advised assets in place if they put their assets in the firm\u2019s in-house target-date funds.<\/p>\n
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