Most American workers have access to a retirement plan, but few have a personalized retirement strategy. New data from Gallagher's 2026 Financial Benchmarks report shows that only 23% of U.S. employees have ever worked with a financial advisor to develop a financial plan. The report, based on survey responses from 3,717 U.S. organizations collected between January and March 2026, supplemented by the 2026 Financial Health Assessment, reveals a stark confidence gap: 81% of employees with an advisor-built plan rate their financial situation as good or excellent, while 50% of those without one rate it as fair or poor—a 31-point difference.
The infrastructure for retirement saving is largely in place. Auto-enrollment is near-standard, with 57% of employers using it, and 85% offer retirement benefits. Most employer match formulas fall between 50% and 100% of employee contributions, capped at 4% to 6% of pay. Immediate eligibility for defined contribution plans climbed five points from 2025 to reach 42%. Yet only 28% of employees believe their current savings strategy will enable them to achieve their retirement goals.
The advisor access gap
The gap between plan access and strategic planning is evident in account leakage. Nearly one in five employers report that 10% or more of their employees have taken loans or withdrawals from retirement accounts—a sign that the plan exists but the strategy does not. Rory Lough, senior vice president of executive planning at Gallagher, said, "Most employers are providing the benefits—retirement plans, medical coverage, disability and life insurance. The gap isn't whether the benefit exists. It's whether employees understand how to use it and how it fits into their broader financial picture."
Employers are not the source of personalized guidance; they are the access point. Connecting employees to financial professionals who can translate plan access into retirement readiness is precisely what the data suggests most workers lack. This presents a clear opportunity for advisors, especially as defined contribution plans remain an underutilized source of wealth management clients.
SECURE 2.0 and the liquidity problem
Gallagher's findings on the Secure Savings Enhancement Act of 2022 (SECURE 2.0) add a specific dimension. With mandatory provisions largely embedded in plan administration, employers are evaluating optional features. Nearly half have implemented no optional provisions, or are uncertain whether any have been adopted. Emergency savings accounts, which directly address the account-leakage problem the report documents, remain rare: only 5% of employers offer a formal emergency savings program.
The mismatch is notable for advisors working with employer clients on plan design. The provisions most likely to interrupt retirement account leakage have the lowest adoption rates. Meanwhile, 27% of employees have no emergency savings at all, and a further 24% hold less than three months of expenses—meaning the retirement account is often the only liquid asset many workers have.
Molly Beer, national practice leader for retirement at Gallagher, framed the challenge in terms that resonate with the growing interest in managed accounts and AI-assisted guidance tools. "What we're clearly seeing is growing demand for hyper-personalized support from employees," Beer said. "The challenge is that delivering one-to-one guidance at scale is incredibly difficult, especially across large workforces. That's where managed accounts, advice solutions and, increasingly, technology and AI come into play."
For advisors, the data underscores the value of proactive outreach to plan participants. As pooled employer plans gain interest and state mandates loom, the demand for scalable advice solutions is likely to grow. The 31-point confidence gap is a compelling argument for integrating professional guidance into retirement plan design.
