Financial advisors looking for new clients stand to tap a large pool of retirement savers: More than 40% of 401(k) plan participants don’t have an official source of retirement advice, according to a recent report.

This “advice gap” is particularly dire among plan participants in their 50s, half of whom don’t have access to retirement advice, Cerulli Associates found.

Investors of more modest means may need extra attention, according to the report.

Cerulli found that just 18% of active 401(k) plan participants believe that Social Security will be their primary retirement income source, while close to half of participants believe they’ll be able to rely on their 401(k) for their primary income source in retirement. But the reality is that Social Security comprises the bulk of retirement income for households with less than $2 million, according to the report.

“To deliver an effective and attractive retirement income solution, providers and financial advisors must emphasize Social Security and propose strategies that integrate government benefits with income generated from other investment products,” Cerulli associate director Anastasia Krymkowski says in a statement.

And in order to deliver relevant advice to plan participants who most need it, plan providers and financial advisors will need to rely on technology, according to Krymkowski.

“Tools and calculators helping investors translate account balances to replacement ratios and overall retirement readiness (including assumptions for market returns and life expectancy) are hardly new, but providers must realize the need for expanded customization in this regard,” she says in the statement.

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