Workers need more retirement advice, survey finds

Some 41% of employees said they want more professional advice to help manager their 401(k) assets, but only 35% of employers currently offer retirement planning sessions
APR 11, 2010
While employees are making some strides in preparing for retirement, many are still not receiving enough advice in planning, according to a new MetLife Inc. survey. Forty-two percent of surveyed employees said they're confident in their ability to make good decisions on how to manage the money in their 401(k) plans, up from 36% in 2008. And forty-seven percent said they have a retirement plan, compared to 39% in 2008. But while 41% of workers indicated they would like to have a financial planner to help them invest their 401(k) savings, just 35% of employers said they offer retirement planning sessions. That said, Bill Raczko, senior vice president for U.S. business and marketing at MetLife, noted that there appeared to be more employers bringing advice programs into the workplace. But he noted that any lingering reluctance is likely based on getting the employer comfortable the matter of fiduciary duty, rather than the way those planners are being paid. “The best way to address that [discomfort] is to have the advice provider work closely with the benefit managers,” Mr. Raczko said. That cooperation would give employers reassurance that the guidance that workers receive is relevant and that the message that's being delivered is clear, he added. MetLife's eighth annual study of employee benefits trends surveyed about 1,300 workers and 1,500 employers in the fourth quarter of 2009. The study was unveiled at MetLife's National Benefits Symposium in Washington today.

Latest News

SEC Says Game Service Roblox Part of ‘Active Investigation’
SEC Says Game Service Roblox Part of ‘Active Investigation’

Short sellers previously said the company was under investigation, though Roblox denied allegations.

Musk’s DOGE descends on CFPB with intention to shut it down
Musk’s DOGE descends on CFPB with intention to shut it down

The Consumer Financial Protection Bureau is in the crosshairs of the Republican group that is widely attempting to dismantle government agencies.

Advisor fighting Finra banishment loses $17.7 million dispute with old firm
Advisor fighting Finra banishment loses $17.7 million dispute with old firm

National Securities Corp. sued the advisor in 2020, alleging breach of contract and unjust enrichment.

Job numbers, inflation leaving room for Fed to hold rates
Job numbers, inflation leaving room for Fed to hold rates

Recent data support a measured pace by the Federal Reserve for the year ahead.

Private assets remain hot despite surging stock market
Private assets remain hot despite surging stock market

Financial advisors are still adding alternatives despite the surge in publicly traded stock prices

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.