I noticed few days ago, "Managed" appeared under my account name in my Vanguard 401K. Then I received a letter of "Confirmation of Exchange". They changed my allocation, and moved around some funds.
I called them today and found out, they moved my self-managed 401K to "Managed" by a 3rd party vendor for a monthly fee, without my consent. They said there was a letter sent to me 2 weeks ago. Since I did not reply to opt-out, they assume that I agreed to move to "Managed". I asked them to cancel this, and move my funds back to original allocation.
Some funds have already been moved, and I will have to wait for 60 days to move them back if I still want to, or I can send them a letter in writing to move funds back. The representative said if I wait 60 days, I might make some money if the new funds are making bigger increase.
I do not know how a reputable company such as Vanguard could do this to their customers.