Almost 60% of defined contribution plan participants have a written financial plan from their primary advisor, and their satisfaction with the financial plan is extremely high, according to the Spectrem report.

The research report Advisor Usage Among DC Plan Participants shows that 96% of all plan participants with a financial plan admit to being, at the very least, somewhat satisfied with their plan. Fifty-two percent report being ‘very satisfied” and 24% are ‘satisfied” according to the survey.

Only 24% of 401(K) participants have received advice on creating a financial plan from their primary advisor, but 35% say they will be seeking that advice in the future. Thirty-two percent claim they do not need financial plan advice at this time.

Obviously, younger investors are less likely to have a financial plan in place than older investors, but 48% of 401(K) participants under the age of 35 say they will be seeking advice from their primary advisor on a financial plan in the future.

Even among investors with the highest plan balances, there is only a small percentage that have received a financial plan from their advisor. Twenty-seven percent of those with a balance of over US$100,000 already have a plan in place, while 35% say they will seek out that information. Twenty-eight percent say they do not need that type of advice.

Keeping an eye on a financial plan is a good idea for any type of investor, and 46% of plan participants who have a financial plan review it with their advisor semi-annually. Thirty-four percent have annual reviews, while 16% review it less frequently than once a year, and 5% never review it.

The older the investor, the more frequently he or she has a review of the plan. Seventy-two percent of plan participants 65 years of age and older have reviews semi-annually, while only 38% of participants 35 years of age or younger look into their plan every six months.

Fifteen percent of participants aged 35 and younger never review their financial plan.