Vanguard, where I have my primary 401(k) that I built over 20 years with SAIC, has been pushing VERY VERY VERY hard for me to join their managed portfolio account program.
They've even gone down the "YOU'LL DIE BROKE AND LIVE IN A CARDBOARD BOX IF YOU DON'T LET US MANAGE YOUR ACCOUNTS!" fear route on some of their communications.
I looked into it when they first rolled it out and, of course, the one thing they wanted to do was strip my 401k of all non-Vanguard funds because "they're dangerous to your bottom line!"
One of those funds has been, over the 20+ years I've had the account, a consistent wealth generator, while some of the fund that they touted as a "safe bet" have been.... not wealth generators.
They also repeatedly sent me dire warnings about having some of my 401k wrapped up in SAIC and Leidos (SAIC and Leidos were broken out as independent companies from parent SAIC around 2006-2010 or so).
POVERTY! PENURY! SPAM!
Yeah, my SAIC and Leidos holdings are about 5% of my total 401k portfolio.... Jesus...
And then there's the fees. For active management they charge a percentage of your totals assets skimmed off the top... monthly.
IIRC the annual fee for them actively managing my account would have been something around $36,000 a year.
It's pretty easy to do the math on that, and it comes out to a big *expletive deleted*ck NO.
Don't get me wrong. I like Vanguard a lot. I'm very happy that I was able to get in with them with SAIC, but over the years I think I've done a pretty good job managing my own 401k by developing a plan and sticking with that plan, and I sure as hell am not going to change now.
Fidelity, which administers my current 401k, is also starting to push on the active management. And the answer is the same. No.