First, read the Jim Collins series recommended by Wayward. Then read it again. Then read it again. It's getting in to your brain but it may take a while until you are able to get it back out in a coherent fashion. Keep reading and it will start making sense. It was like when I first started studying modes in music theory. I read the same material a hundred times and did not get it. And I hit a lot of sour notes in the process. Now, mixolydian is my friend. It is the same with all this financial and investing stuff. The mistakes I have made make me cringe.
I have had a roth for about 7 or 8 years now through Lincoln Financial. It has a little less than 70,000 in the account. I have a couple questions. First question is how can I find out the fee I am paying. I searched the website and couldn't find it/ figure it out.If it is employer-sponsored you may not be able to move so quickly, but you should be able to change your selections within the account to minimize costs. Employer-sponsored plans also generally have steep expenses associated with them too, so consider whether the benefit you get from participating in an employer plan is worth it compared to doing it with your own tax-deferred accounts. For example, does the employer match part of your contribution?
I don't have any experience with Lincoln, but if there is an "advisor" connected to your account it's pretty much a guarantee he is bleeding you. Examine your account year-end statement closely and look for "advisory fee" or some such. That's how much your "advisor" is taking from you to build his own wealth and pay for those shiny offices. Calculate the percentage of your total balance in the account. I bet it is at least 1%, perhaps as high as 2%. If you are paying an advisory fee you need to get detached from it if you can.
In addition your "advisor" may very well be buying and selling funds inside your account if he has that authority. If he is, that churning has costs associated with it too.
Did you read this piece on how "advisors" and their investment fees will mercilessly deplete your returns?
https://www.physicianonfire.com/investment-fees-will-cost-millions/ You have to look at the funds themselves that are held in your account to see what expense ratio you are paying on those. Whether your $70k is comprised of one or more mutual funds, each will have its own expense ratio. Probably less than one percent, but it could be higher. Also look to see if any of those funds charge a 12B-1 fee. That is what the fund charges for marketing and advertising. That could be another .25% up to 1%.
Add that up: 1.5% to your "advisor" + .6% expense ratio to the fund, plus a 12B-1 of .5%. On a fund with 8% returns that is nearly a third of returns going to fees.
In terms of trying to make progress that's like pulling a big sled of bricks up an icy hill in your stocking feet with a mouth full of porcupine quill.
Second Question: Is there any possible reason I should still be with Lincoln, or should I be moving my money ASAP? I am guessing move it ASAP, but want to make sure I am not overlooking anything.
Only you can decide if you need to move, but I personally have had my eyes opened to the damage that expenses can do to your returns and therefore your financial life. Nobody can beat Vanguard on expense ratios. A lot of smart people own a lot of other funds besides Vanguard, but no other fund family beats them on expense ratios.
Third and Final Question: Vanguard, Wealthfront, or Betterment? I've gone through old posts, old comments, and old threads. My financial knowledge base is very limited. If I should be moving my money out of Lincoln, where should I be moving it?
I have been with Vanguard for over 20 years for portions of my portfolio. I have no loyalty to Vanguard except the fact that their fees are low and I am familiar with them. I know nothing about those others. They may be better, they may be worse. Vanguard has lots of information to educate yourself too so whether you buy their funds or not you can go to their site and read.
It's your money. Nobody has more at stake in it than you do, and there is a whole industry full of people who will gladly fleece you of it if you let them.
Good luck.