The portion of defined contribution plans offering managed account advice increases with the number of employees, according to Vanguard Group's "How America Saves" report, which it published last month. Those with less than 500 participants had 20% of the plans providing advice. This increased to 81% for those with at least 5,000 plan members.
Larger DC plans more inclined to offer advice
The overall number of plans offering advice was 41% last year, constant from the previous year but up from 32% in 2018. More than three-quarters of participants were offered advice, up from 57% in 2018.