In volatile markets, demand should soar for professional financial advice, but few employees are taking advantage of recent rule changes that encourage plan sponsors to offer just that.

"More 401(k) plans are offering participants specific investment advice and even automatic account management to make investing decisions easier," Karen Blumenthal writes in The Wall Street Journal. "That should be a good thing: 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."

But Blumenthal writes that only about a quarter of the people who have access to advice through their retirement plans actually take advantage of it. She adds most of those who do use advisory services neglect to provide the personal details that would make the advice more valuable.