When do individuals actually improve their financial behavior in response to advice? Using survey data from current defined contribution (DC) plan holders in the RAND American Life Panel (ALP), we find little correlation between normatively-desirable behaviors and advice. Results from a hypothetical portfolio-allocation choice experiment using the ALP show that unsolicited advice has no causal effect on investment behavior, yet individuals who actively solicit advice ultimately improve performance, despite negative selection on financial ability. While expanding access to advice can have positive effects (particularly for the less financially literate), more extensive compulsory programs of financial counseling may be less effective.