401(k) Plans Are an Illusion

[M]any advisors and record keepers are looking beyond omnibus accounts to focus on and serve individuals in the plans they manage, leveraging worksite access and endorsement, whether explicit or implicit, by sponsoring employers…. Also driving the move beyond plan-level products and services is the need and desire for personalization…. Managed accounts are the next inevitable step, but only through better engagement, use of data and AI.