More than half now provide access to operators fluent in other languages.
Those were among the conclusions in a report released Tuesday of the 401(k) market based on a survey by Search401k, which operates an online 401(k) proposal search service.
In addition, the report also found that:
- more than one third of 401(k) products place no restrictions on the amount of employer stock that can be invested in the plan
- nearly a third of providers that offer self-directed brokerage accounts place no restrictions on the amount of money that can be traded.
- 30 percent of the providers have an outside consultant review their products’ investment offerings.
- 5 percent of providers have a live operator available 24 hours a day
- 41 percent offer online investment advice
- 59 percent have phone operators with either Chapter 6 or Chapter 7 SEC-sponsored investment licenses
- more than half the providers indicated that they do not assume a fiduciary role with regard to the administration of the plans they support
Tuesday’s findings are based on summaries of fifty-nine of the nation’s 401(k) plan providers residing on Search401k’s.
– Fred Schneyer email@example.com