Do they go to friends and family, the plan website or other financial websites, or to an advisor? Spectrem asked an open-ended question to try and find the answer. Those surveyed were asked to name the sources they were most likely to turn to for the information needed to manage their investments. The most frequently cited information sources were the Internet (excluding the plan provider web site) (50%) and professional advisors (46%).

The plan provider/employer (29%), family and friends (28%) and the media (24%) rank next, cited by about one-quarter of respondents each. Local banks still hold a position as investment advisors, being mentioned by 10% of respondents, more than the 6% who cite other types of financial companies.

Why these sources are popular is the next logical question. “Ease of Use”, “Having the Information Sought” and “Trust in the Source” are the most frequently mentioned reasons that individuals prefer a specific information resource to assist them in managing their household investments.

Somewhat surprisingly, a robust 85% of these respondents do not subscribe to any financial or business print publication. Among those who do subscribe to a print publication, The Wall Street Journal and Money Magazine were mentioned most frequently.

Additionally, about one-quarter of respondents say they use specific financial web sites in managing their household investments, including their retirement plan accounts. Most of these individuals use the sites of financial companies (presumably those that manage household investments). A few use Internet financial sites (Morningstar is mentioned most frequently) or publications (The Wall Street Journal is again mentioned often).

Secondary sources of information sources include general interest print media (15%) such as newspapers and magazines. Discussions with family or friends (9%) also fall into this category of secondary resources. The plan provider was mentioned by 9%, tied with conversations with friends and family.

It’s true that retirement plan providers are already viewed as a primary source of information needed to manage household investments, including both plan money and other household investment accounts. But the more important they can become, the more likely they will be in a position to capture both plan rollovers and the management of additional household assets otside of the plan.

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