The average account balances in self-directed brokerage accounts within retirement plans such as 401(k)s held at Charles Schwab & Co. grew by 19% in 2019, to $294,105.
Asset allocation in those accounts remained largely the same over last year, according to a recent company report, with participants holding the largest portion of their assets in the form of mutual funds (37%), followed by equities (29%), exchange-traded funds (19%), cash (12%) and fixed income (3%).
Information technology dominated equity sector holdings (27%), with Apple continuing as the top overall equity holding, at 11%. The other equity holdings in the top five include Amazon (5.5%), Microsoft (2.6%), Berkshire Hathaway (2.4%) and Facebook (1.6%).
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
