On average, those using advisory services are 46-year-old,middle-income wage-earners with an average account balance of $39,000 and a salary of $45,000, according to a recent survey by CitiStreet, a Massachusetts-based benefits delivery firm.
Among other findings of the CitiStreet survey
- 78% identified themselves as beginners or somewhat experienced investors
- 93% felt they better understood their retirement goals after speaking to an advisor
- 98% felt they better understood their benefit plan
- 85% said they would strongly recommend advisory services to their co-workers
- 75% said they felt more confident in meeting their retirement goals
“Many higher income individuals already have their own investment advisors, financial planners or brokers, who typically are not interested in doing business with the average retirement plan participant. We designed our advisory program to appeal to all levels of participants, at reasonable cost throughout their working lives and into retirement,” said Ray Martin, president and CEO of CitiStreet Advisors, LLC, in a release.
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