In addition, the average balance for people who have been in their 401(k) continuously for 10 years increased 2% year-over-year, according to Fidelity data.
The younger generation wants help with financial planning and investing, but tends to rely on friends and family for advice rather than working with an adviser.
Nearly two-thirds of 403(b) plan sponsors engage an adviser or consultant, and survey results suggest that this number could be on the rise, a Cerulli report says.
More than half of advisers polled think the DOL regulation will help their businesses by levelling the playing field on retirement advice and eliminating competition.
As an advocacy group for retirement plan service providers and investment managers, the SPARK Institute has been at the center of the debate over the Department of Labor’s...