Products June 8, 2004

Mixed Signals on the Need for Advice

August 30, 2002 (PLANSPONSOR.com) - While the majority of participants (52%) believe that professional advice is needed to achieve retirement goals, a surprising number aren't convinced, according to a new survey.

Reported by

Nevin E. Adams

The survey, released yesterday by ING, found that more than a quarter (26%) disagreed somewhat with the necessity of professional advice in achieving their retirement goals, while 12% “strongly disagreed” with the statement – a number nearly equal to the 17% that “strongly agreed” with the need.

One in ten respondents said they “didn’t know” if the advice was a necessity.

“Good” Advice

Survey respondents were split nearly evenly between those who said they had “sampled” professional advice, with 48% saying they had received such counsel. Of those, a whopping 82% said the advice was excellent (32%) or good (50%).

ING commissioned Washington, D.C.-based KRC Research to conduct the nationwide survey of 800 employed or retired individuals age 30 and above. The survey was conducted in June 2002.