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Rising Star
It depends. Does the 401k servicer charge any fees for keeping the money in the account if you’re not employed by company 1 anymore? If so, it may be worth transferring it. If not, and you’re happy letting it sit in the asset allocation that you have, you can leave it for awhile.
You could also contact Fidelity directly and ask them what they’d recommend
Pro
If your new employer has Fidelity as well, you could see if you can do a transfer in-kind, where they will directly transfer the assets into your new 401k without selling and cashing them out. If it’s a different provider it’s unlikely they’ll do this. If the fees to leave it with the old employer are too much, just go ahead and begin the transfer process to your new 401k asap. No point in timing the market on these assets even if you miss a run up, they’re just as likely to miss a dip.
Your other option is transfer to a traditional IRA with your own Fidelity account and do in-kind transfer, but be aware that affects the ability to do backdoor Roth. Either way I wouldn’t rush this decision. You may find out new employer doesn’t have great 401k investment options and you’d rather keep it in your old 401k or do the IRA rollover.
I doubt they would have the same investment options to do an in kind transfer but doesn’t hurt to ask
Shoot me a dm I’d glad to make suggestions 😃