If I call Fidelity to transfer my 401K from previous employer to Vanguard, does this mean that Fidelity will sell all my assets and then transfer all my money to Vanguard?
Most likely yes . They will send a check to you which you have to deposit in your new broker without 60’days to avoid taxes
Just did a 401k transfer from between two large providers. Destination provider did not have any way to do this online-only, it was check-based. I can confirm Accenture's comment above. It's a full sale + a check cut out to your new 401k provider.
Yes, most 401k plans have proprietary assets that are not available outside of specific 401k, so, a sale is almost always inevitable. It's generally a bad idea to transfer 401k.
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