Not having a financial advisor also contributes to participants’ confusion about the plans, the survey says. Forty-nine percent of those without an advisor say their employer’s information on its retirement plan is difficult to understand, while 37 percent of those participants with an advisor agree with that sentiment.
A majority of participants with advisors (71 percent) have talked to their advisor about their retirement needs.
“From our view, advisors can add enormous value to plan sponsors and participants by helping to fill the gap between setting and achieving retirement savings goals,” says Ed Farrington, executive vice president for retirement and business development at Natixis.