Columbus, Ohio (Sept. 4, 2003) -- Nearly one-third of 401(k) participants would use a financial advisor to make 401(k) investment choices on their behalf if the option were available, according to a survey by Big Research for Nationwide Financial.
Among the 2,808 401(k) participants surveyed, another 32 percent said they would not use the service, while 36 percent of respondents didn’t know whether they would use the service or not, Nationwide reported.
According to the survey, one-quarter of respondents are always confident they are making the best 401(k) decisions without help from anyone, while the same number are most confident making 401(k) investment decisions with access to general information about investments. Another 28 percent are most confident making 401(k) investment choices with access to financial advice, while 23 percent are most confident having an advisor make investment decisions and do investing for their 401(k) accounts.
Nationwide found that women were more likely than men to report that they would use a professional money management service (32 percent versus 30 percent) or to report that they would be most confident having an advisor make investment decisions and do investing for their 401(k) accounts (27 percent vs. 19 percent).
-- WebCPA staff
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