According to a new study, consumers want the advice proposed by the Retirement Security Advice Act but want it to be unbiased and from an independent source.

Approximately 93% of those surveyed said that attaining unbiased financial advice would be an important addition to their 401(k) plans, according to the Scarborough Group, an Annapolis, Md.-based retirement planning firm that offers advice for employer-sponsored 401(k) participants. Also, 63% of the participants wanted those advisers to be independent of any specific mutual funds.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.