401k Participants Want Fiduciary Advisors, But

… Less than half of respondents correctly identified the definition of a fiduciary

Fiduciary rule fanfare is getting through to the masses, spurring conversations among consumers about what really constitutes credible advice.

Robo bigwig Betterment for Business found that along with a rise in the use of digital advice, financial advisors remain a trusted source of unbiased financial information.

However, less than half of respondents (42 percent) correctly identified the definition of a fiduciary; 20 percent of respondents believed that the terms “fiduciary” and “financial advisor” are synonymous, and 27 percent did not know what one was at all.

And a majority of respondents (53 percent) report receiving absolutely no advice on their retirement investments whatsoever.

READ MORE: https://401kspecialistmag.com/401k-participants-love-fiduciary/

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