Question: Despite our promoting the use of a financial planner or advisor in their retirement planning efforts (including our own plan advisor), most of our employees still don’t work with anyone. Are we the rule or the exception?
Answer: The Cerulli Report—U.S. Retirement End-Investor 2025 found that the majority (63%) of active 401(k) participants, many of whom fall into the mass-affluent category, do not work with a financial advisor. Meanwhile, 52% of mass-affluent active 401(k) participants who do not work with an advisor say their recordkeeper is their primary source of retirement planning and financial advice. Cerulli suggests that plan sponsors consider repositioning the 401(k) (or other workplace retirement plans) as a means to access financial planning, financial wellness platforms and other in-plan advice offerings, as well as engaging with participants when they are considering their other benefits.
