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Houston, we have a problem. It seems I’m reading far too many stories about “Alts,” “QLACs,” and similar trendy concepts. It seems everyone wants you to include them in that vast distribution mechanism known as the 401(k) investment option menu. It seems, folks, these things are more “product” than “investment.”

I never was quite comfortable with the whole idea of “products” overtaking “investments” in the menu of options retirement savers are given.

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