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Advisors are missing out on an opportunity to educate their clients about target date retirement funds, according to a new investor survey by the SEC.

The majority of Americans incorrectly believe that target date funds provide guaranteed income during retirement, the study said. Meanwhile, less than 30 percent of respondents understood the meaning of the year in a target date fund’s name.

Only 20 percent of those surveyed invested in a target date retirement fund because a broker or investment advisor recommended it, according to the SEC.

Additionally, 54 percent said they were not aware that separate target date funds with the same year in their names don’t necessarily contain the same mix of stocks and bonds at the target date.

Approximately 4 in 10 said they invested in target date funds because they considered them to be a safe investment, while 40 percent invested to add diversification to their portfolio, the survey said.