Even the affluent have concerns when planning for retirement

The study found that those who work with an advisor to develop a formal written plan to manage their assets also derive a benefit of increased confidence. Among those with written plans, 54 percent said they were "very confident" about living their desired lifestyle in retirement. Yet, only half of affluent consumers have a formal written plan.

The study pointed out that once a written plan is in place, both advisor and client can pursue realistic planning and improve preparation for retirement.  With a plan, 30 percent of affluent households feel "extremely well prepared" for retirement compared to only 17 percent who do not have a plan.

As confidence and preparation increases, it starts a positive cycle that benefits both client and advisor. (See chart). Forty percent of those with a plan give their advisors perfect scores on satisfaction measures. In turn, clients have more trust in the advice they receive and look to consolidate more of their assets with their advisor.