Administration March 9, 2003

Survey: A Third of K Plan Users Would Seek Financial Advisor Help

September 3, 2003 (PLANSPONSOR.com) - Almost a third of 401(k) participants (32%) would take advantage of a financial advisor's services to help manage their retirement account if those services were made available.
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According to a survey conducted by Big Research for Nationwide Financial, another 32% said they would turn away from using an advisor while 36% of respondents didn’t know.

The survey also found:

  • 28% are most confident making 401(k) investment choices with access to financial advice
  • 25% of respondents are always confident they are making the best 401(k) decisions without help
  • 25% are most confident making 401(k) investment decisions with access to general investment information
  • 23% are most confident having an advisor make investment decisions and do investing for their 401(k) accounts.

Women were more likely than men to use a professional money management service (32% versus 30%) or to report that they would be most confident having an advisor make investment decisions and do investing for their 401(k) accounts (27% vs. 19%).

Respondents included 2,808 401(k) participants across a variety of occupations, including managers and professionals, sales people, factory workers, service workers and retirees.  

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