06.12.25

401(k) Participants Seek Advice, but Few Turn to Financial Advisors

by: Leo Almazora

A Cerulli Associates report reveals that 63% of active 401(k) participants, most of whom fall into the mass-affluent category, do not currently work with an advisor. Among those without an advisor, 52% consider their retirement account provider to be their primary source for retirement and financial advice. Thirty-one percent of unadvised participants say they plan to hire an advisor as they near retirement.

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