The race to innovate in the 401(k) world has a new entrant – and its aim is to no less than to overtake the most popular kid on the block, target-date funds.
TDFs, of course, have for years now been the runaway leader as a qualified default investment alternative in defined contribution plans, with $700 billion in DC assets. Some 40 percent of new enrollees are using them, according to the Investment Co. Institute.
While TDFs have been a game-changer, so, too, have technology-based managed accounts. Financial Engines' story is enough to prove that point: a couple of technologists' pipedream now serves about 30 percent of the country's Fortune 500 companies.
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