A new survey from Betterment for Business, the firm’s 401(k) operation, finds that many plan participants want a lot more service than their plans provide, including personal financial advice and need financial education.
Fifty-three percent of respondents reported that they receive “absolutely no advice on their retirement investments.” Many preferred receiving advice on demand, when they need it and through easily accessible channels such as email, plus one-on-one sessions. Millennials expressed the most interest in receiving advice more frequently than once a month.
Among the 47% who want advice, two-thirds use a financial advisor and most (79%) reported that they trust their advisor either completely or substantially.
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
