The good news is that more and more plans are offering advice. The bad news is that Americans are still not taking advantage of it.
Key points:
Survey after survey shows that formal advice leads investors to increase their savings, diversify their holdings and continue holding stocks even when the market takes a plunge.The article ends with some practical advice for those with 401(ks) looking to learn about options that are available.
But here's the catch: Only about a quarter of the people who have access to advice through their retirement plans actually take advantage of it, according to retirement-plan providers and firms that provide advice services. And most of those who do use advisory services neglect to provide the personal details that would make the advice more valuable.