How Advisers Right Retirement Planning Gone Awry

Confidence continues to lag intention when it comes to retirement planning—especially when savers lack professional guidance. Two-thirds of retirement savers polled by fintech company Pontera reported a lack of control over key decisions tied to their workplace retirement plans. From choosing account types to understanding complex rules, many surveyed felt overwhelmed.

Pontera’s survey of 1,000 U.S. retirement savers and 400 financial advisers between July 23 and August 1 highlights a disconnect between what savers want to do and how confident they feel doing it. Fewer than one in five Americans said they were highly knowledgeable about managing their retirement or college savings accounts, while 42% reported that the process made them feel stressed, anxious or confused.

Inflation, the rising cost of living and market volatility emerged as top financial concerns across all age groups. Most retirement savers made changes to their investment strategy in the past year. Nearly a quarter of them reduced or paused their contributions—or even stopped checking their accounts entirely to avoid added stress.

Advisers Make Measurable Impact on Savings, Stress

Many women turn to personal networks over professionals for financial guidance. In a Laurel Road survey from March, 44% of surveyed women said friends and family were their most-relied on source for learning about financial trends (44%). Two-thirds of women said they discussed financial advice with a significant other, while 76% of Generation Z women and 58% of Millennial women relied on parents for trusted financial guidance.

Pontera found a clear difference between those who worked with a financial adviser and those who did not. Savers who partnered with an adviser were more than twice as likely to have more than $250,000 saved for retirement. The benefit is especially pronounced among women: 55% of women with advisers reported having at least $100,000 saved, compared with just 29% of those without.

Advisers also played a key role in boosting clients’ sense of control. While only 19% of respondents’ recent retirement decisions were influenced by a professional, 83% of those working with an adviser said they felt confident in managing investments. In an uncertain economic climate, advisers offer clarity and reassurance—yet many savers still defaulted to workplace options rather than seeking expert help.

Held-Away Accounts Remain a Missed Opportunity

Held-away accounts, such as 401(k) accounts from a previous employer, represent one of the biggest untapped opportunities in retirement planning. For many Americans, these are their largest assets—but they often fall outside the scope of professional advice. Many savers manage accounts across multiple platforms, making it difficult to get a clear view of their total financial picture. This fragmentation not only overwhelms individuals but also prevents advisers from providing truly comprehensive guidance.

As a result, many default to employer-provided investment options instead of incorporating these accounts into a broader, professionally managed strategy. The Pontera survey indicated that this is starting to change. Advisers are now using wealth management technology to gain visibility into all client’s accounts—not just those held at their own firm. This shift allows for more personalized, effective advice and a stronger financial strategy overall.

According to Pontera, savers who receive fiduciary advice on held-away accounts were up to three times more likely to feel confident in their plan than those who relied on default options. Advisers saw the value too: 91% reported increased demand for their services after offering held-away account management.