Studies have shown that 401(k) plan participants who take advantage of financial advice or "Help" features of their plan experience higher returns on their investments, with lower risk, but a high percentage of people who have access to advice don't take it.

So why are so many people afraid of financial advice?

Clark Frese, principal of Asset Strategy Retirement Plan Consultants LLC in Mechanicsburg, Penn., said that it isn't fear so much as a lack of sophistication about how advice plans would help them.

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