In search of retirement advice, Americans are increasingly reaching out to banks. That’s the finding of two national surveys recently conducted by Hearts & Wallets.
Based on approximately 9,000 responses, the researchers found that 43 percent of Americans now to turn to banks as their main source for retirement advice, an increase of 2 percent from a year earlier. Specifically, Bank of America is now the primary channel for retirement planning for 48 percent of its customers, a huge leap from just 27 percent in 2010. However, the rise of banks in this area has come at the expense of the traditional leader in the retirement space, Fidelity.