Those who are forced to evaluate the rollover options of their employer-provided retirement plans are most likely to turn to a financial advisor for help in making a decision.

Information Sources Used in Rollover Decision

Research shows 38% of those plan participants seek the help of a financial advisor. Some 33% rely on their retirement plan providers, and 32% ask family members or friends for advice. Nearly two-thirds (63%) of those who use a financial advisor rolled their money into an IRA. By comparison, slightly more than one-third (36%) of those who did not use an advisor took the same action.

Action Taken with Rollover Balance

Those who use an advisor also are more likely to select an income option, such as systematic withdrawals or an annuity purchase. They also are more likely to avoid alternatives, such as withdrawals, that could have detrimental tax consequences.