Sources and Citations

$13.9 trillion in U.S. defined-contribution plan assets at end of Q3 2025, including $10.0 trillion in 401(k) plans.

Investment Company Institute, "The US Retirement Market, Third Quarter 2025," January 2026. Source

121.3 million defined-contribution plan participants as of 2022 (includes active, retired, and separated participants). Active DC participants: 92.6 million.

U.S. Department of Labor, EBSA, "Private Pension Plan Bulletin: Abstract of 2022 Form 5500 Annual Reports," September 2024. Source

DOL acknowledges double-counting of individuals enrolled in multiple plans.

Only approximately 3% of workplace retirement accounts are actively connected to the participant's personal financial advisor.

PLANADVISER, "Financial Advisers and 401(k) Asset Management," March 2024. Source

This figure refers to participants whose personal financial advisor is actively connected to and managing their workplace retirement account. It is distinct from the share of participants who have any advisor relationship (approximately 37%).

63% of active 401(k) participants do not have a financial advisor. Of participants with $500K to $2M in investable assets, 40% have no advisor.

Cerulli Associates, "U.S. Retirement End-Investor 2025," June 2025. Source

56% of household holdings are in retirement accounts for families with financial assets between $100,000 and $2,000,000.

Envestnet (2024), via NAPA-Net, "Fintech Friday: How to Get Help with Held-Away 401(k)s," June 2024. Source

This figure is specific to the mass affluent segment ($100,000 to $2,000,000 in financial assets).

Advisors manage an average of 39% of a client's investable assets. The remainder is held at banks, other managers, or in self-directed accounts.

InvestmentNews, January 2025. Source

U.S. households moved approximately $1 trillion in retirement plan rollovers in 2025, exceeding earlier projections. Projected to reach $1.15 trillion by 2030.

Hearts & Wallets, "Money Movement 2025," January 2026; LIMRA, "Control & Convenience: Understanding Investors' Mindset With IRA Rollovers," July 2025. Source

63.2 million U.S. workers separated from employers in 2024, creating potential rollover events.

BLS JOLTS Annual Totals 2024, March 2025. Source

Not all separations trigger rollover events.

63.5% of 2023 rollover assets went to advisor-intermediated IRAs (up from 57% in 2021); of those, 84.6% went to the participant's existing advisor.

Cerulli Associates, "The Cerulli Edge U.S. Retirement Edition, 4Q 2023," January 2024. Source

This measures rollover assets, not transactions. A separate Hearts & Wallets figure (January 2026) shows advisors influenced approximately 22% of rollover transactions in 2025 — a different measurement. Be precise about what is being measured when citing either figure.

67% of investors began thinking about their rollover decision prior to leaving their employer; the decision typically occurs about three months before departure.

LIMRA, "Control & Convenience: Understanding Investors' Mindset With IRA Rollovers," July 2025. Source

People may decide before departure but execute months later. Hearts & Wallets (January 2026) found two-thirds executed more than six months after leaving.

61% of 401(k) participants believe their financial situation warrants professional financial advice (up from 55% in 2023). 55% feel very confident in investment decisions with professional help vs. 29% on their own.

Charles Schwab, "2024 401(k) Participant Study," July 2024. Source

53% of plan participants prefer an employer-vetted financial advice solution; only 27% prefer the go-it-alone approach.

Cerulli Associates, "401(k) Managed Accounts: A Misunderstood Value Proposition," 2024. Source

52% of investors seek holistic advice across all their financial needs, up from 29% in 2018.

McKinsey & Company, "The Looming Advisor Shortage in US Wealth Management," February 2025. Source

Managed account participants contribute an average 9.1% of income vs. 7.8% for non-managed participants and 7.4% for primary target-date fund users.

Edelman Financial Engines, "Igniting Growth Through Innovation," April 2025. Source

EFE has approximately 45% market share in managed accounts and benefits commercially from increased adoption. Disclose EFE's position when citing. Contribution difference may partly reflect self-selection.

47% of managed account users feel "very confident" in their retirement investment strategy vs. 16% of non-advice users.

Cerulli Associates, "401(k) Managed Accounts: A Misunderstood Value Proposition," developed with support from Edelman Financial Engines, May 2024. Source

Developed with support from Edelman Financial Engines. Disclose EFE sponsorship. Confidence gap may partly reflect self-selection.