A new study by the Spectrem Group's Millionaire Corner found that half of 401(k) plan participants between 50 and 64 aren't using a financial advisor as they prepare for retirement. Among those who do, just 40% say they rely on their advisor's guidance for the majority of their financial needs.
The report, "Advisor Usage Among DC Plan Participants," found a third of respondents were referred to their advisor by a friend or family member. Referrals from people they knew were far and away the most popular way investors learned about an advisor.
Just 9 percent of respondents said they found their advisor on a website, and 7 percent said they were introduced at a seminar or special event. Only 6 percent said they were contacted by an advisor first.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
