Defined contribution plan participants who use investment advice are saving 140% more than those who do not get advice, according to data from CitiStreet.
Participation among plans offering advice doubles on average from about 15% the first year the service is offered to nearly 30% by the end of the third year, confirmed Mike Bezdek, spokesman for the Quincy, Mass.-based firm.
The average age of participants who use advisory services is 46, with an average account balance of $39,000 and salary of $45,000, which approximates the median family income in the nation.
