401k Question

[mark1j]

My 401k is somewhat heavily invested in the oil and gas sector. With Biden coming in, would it be wise to get away from the oil and gas investments? Also my job could be in jeopardy in the next few years so I would like to have a less risky portfolio. I haven't really made any changes to it in 15 years, but I think the craziness of the last year and what is to come, I need to start thinking about some changes.

[Hammerdown]

Fidelity?

[mark1j]

Yes

[Hammerdown]

If I were you I would sit down with a good financial advisor. Ask them a bunch of questions and if you feel like you're in the presence of a used car salesman find another advisor.

[Capt.Brown]

I wouldn’t want my portfolio invested heavily into one sector, you need to diversify. I would get with a financial planner, make sure he or she wants to help you understand what your investing in.

[coker737]

Ameriprise

[glen]

Without a doubt seek a financial advisor. I would not play one with my retirement. If you want to play the stock market on your own treat it like a Vegas trip. Put $X in and see what you can do on your own. Don’t have it as anything more than a trip to the tables

[Beleg]

Find a good financial advisor. Not Ameriprise or any of those insurance selling corps. Too many fees and they aren’t looking out for you. I’d recommend someone in the Dave Ramsey group as a place to start looking for an advisor with your best interest in mind.

[BigL]

Yes I would diversify. Not because of Biden but because you said you want less risky.

Do you have a self directed 401k that let's you pick individual stocks or just a list of funds. How close to retirement are you?

[mark1j]

I can choose funds. I’m still 15-20 years from retirement but I don’t think my job will be here that long. I have never talked to an advisor. Should I talk to a Fidelity rep or find an independent advisor? Thanks for the replies.

[Greenheadless]

If it were me, I would seek the advise of a professional.

Now, I have yet to see an Oil & Gas major or market collapse or failure because of an anti O&G administration. In fact, they tend to actually do very well from a profitability standpoint. But, that information is worth the amount you just paid for it.

[John P]

Best thing I ever did with my 401 was to take it out of Fidelity and put it in Edward Jones I have a local advisor that I sit down with.

[brokeno]

Keep it where you are oil and gas is going to do good. Biden never has done anything he said he was going to do.

[lmartin5]

Best thing I ever did with my 401 was to take it out of Fidelity and put it in Edward Jones I have a local advisor that I sit down with.

Happy with my advisor at Edward Jones, as well.


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[ken800]

You can do a lot of your own research but know that it is really tough for any analyst to beat the overall market over time. I stick to index funds that are almost zero fees and have a small blend of index funds. In addition to those, I have a small basket of blue chips that pay a strong dividend.

If you do want to hire a professional, you need a fiduciary. They are required by law to act in your best interest rather than sell you some high commission crap to help themselves.