John, advisors that can offer advice and charge a fee are called RIA's, so any RIA , or IAR can give advice for a small fee. The only reason your current broker cannot advise you is because he can't charge a fee. And frankly, for compliance reasons,
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John, advisors that can offer advice and charge a fee are called RIA's, so any RIA , or IAR can give advice for a small fee. The only reason your current broker cannot advise you is because he can't charge a fee. And frankly, for compliance reasons, he should not be giving you free advice. In this highly regulated and litigious industry, if he gives you bad advice, both he and his firm could be liable.
If your 401(k) is with your current employer, it is not likely you can move it anyway. If you are no longer employed there, you should really probably transfer it to an IRA where you could have greater investment options at lower fees.
There are a number of firms that will charge $300-$500 and send you advisories by email as to how to allocate. It is usually up to you to act on the advisories, and so the advice is worthless if you do not stay on top of it. If your 401(k) provides a brokerage account, there are firms that will do that as well. Just google '401k advice for individuals' and you will find a variety of services. I think you would be better off to consider finding someone local that can meet all your needs. Seek referrals from trusted friends, neighbors, and associates.
An important question is how large is your account? If you have a $10,000 account, it really might not make sense to pay someone to manage it, unless you have a financial advisor that will accept it as part on your total financial management plan. If your account is relatively small and you really do not feel comfortable making investment choices and watching it, you may just want to select an asset allocation model that is offered to you by AON. For example, if you can tolerate 'moderate' risk, simply select the 'Moderate Asset Allocation Fund' It is typically a 'fund of funds' to meet your level of risk.
If you have a larger account and you feel you need help, I would consider finding a new advisor. I am not knocking your current advisor, he may be very good. but you should consider your needs.
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