A new study by the Spectrem Group's Millionaire Corner found that half of 401(k) plan participants between 50 and 64 aren't using a financial advisor as they prepare for retirement. Among those who do, just 40% say they rely on their advisor's guidance for the majority of their financial needs.
The report, "Advisor Usage Among DC Plan Participants," found a third of respondents were referred to their advisor by a friend or family member. Referrals from people they knew were far and away the most popular way investors learned about an advisor.
Just 9 percent of respondents said they found their advisor on a website, and 7 percent said they were introduced at a seminar or special event. Only 6 percent said they were contacted by an advisor first.
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