Have about $700K in various mutual funds that have just sat for a decade and about $500K in savings to invest. I don’t have much free time to research what to invest in and when. I don’t even know which funds to choose/which 401K option to choose (Roth vs Traditional) in my typical day-to-day.

Do people in a similar situation usually have a financial advisor or wealth manager?

Realize this is a newbie question.

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With that amount of taxable investing I'd say yes, you'd want to minimize your taxable gain each year with something like a SMA

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ETFs is best for you then. QQQ, ICLN. Or just SP500 index

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Inherited, I presume.

You have been holding various mutual funds for a decade. And you selected those funds yourself plus decided to let them grow. Did not pull out during major dips in the last decade. You are not a newbie :) but a seasoned investor (not a trader of course) who has the grit of a strong investor.
Back to what you should do -
1. Check the expense ratio of the funds you hold. Anything with more than 0.3% in expenses and more than 30% in turnover ratio are the immediate candidates for a switch to low expense market index fund (VOO, IVV, VTI, ITOT are all fantastic options).
2. If any of the funds you hold have a lower return than the ones I mentioned, switch them too.
3. Consider tech index funds too (QQQM, VGT, FTEC are my favorites).
4. Might think of allocating about 25-30% to bond index funds, once interest rates start climbing back up.
For the 500k in savings, keep about 6-8 months of expenses in a savings account or a very liquid fund and invest the rest.
With the current market, instead of putting all of it at the same time, put them in slowly, about a few thousand every week.

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