Managed accounts as a feature of retirement plans are popular,but only among the employees who understand them and what they cando.

So says a new study from Fidelity, which earlier this year found thatretail investors were flocking tomanaged accounts. And the industry as a whole might be hoping forgood news from this sector, since at least some firms believe thatmanaged accounts could be key in complying with the U.S. Departmentof Labor’s new fiduciary rule.

Managed accounts are even finding their way into offerings forsmall-business plans.

Fidelity’s and other providers’ managed account platforms allowadvisors to offer fee-based services for a purportedly tailored,holistic advisory offering.

But not all industry experts are convinced that managed accountsare the be-all and end-all of retirement preparedness; aCerulli analysis in May warned that,while managed accounts have their place for some 401(k) investors,no one should expect them to outpace target-date funds as theprimary qualified default investment alternative in definedcontribution plans.

Still, it’s evident from Fidelity’s latest study that if peopleunderstand managed accounts, they seem to like them — and if theydon’t understand them, they don’t use them.

Among participants enrolled in managed accounts, the studyfound, 48 percent said that the ongoing monitoring of theirinvestments was one of the most valuable things about the offering.In fact, 44 percent said that annual review was essential.

In addition, 38 percent said that ongoing management wasbeneficial, too.

When it came to employees who don’t use managed accounts, thestudy found that 39 percent said they don’t use them because theydon’t understand them — and 25 percent cited that lack ofunderstanding as a major barrier to using them.

Once it’s explained to them what a managed account is, and howit offers ongoing professional management of their retirementaccounts, Fidelity said, 54 percent said such an account would berelevant to their needs and 52 percent said they’d find the serviceuseful.

But if employers choose to adopt managed accounts, Fidelitysaid, they should also adopt best practices for employee education.It said that 80 percent of Fidelity clients who adopt workplacemanaged accounts are using employee education programs.