] 401(k) offerings now offer access to outside mutual funds, including options to invest with Vanguard
], Legg Mason
] and T. Rowe Price
The Los Angeles-based company has offered multi-fund options before on products with outsourced recordkeeping, but has traditionally been a closed platform when they run the plans internally.
In total, American Funds works with around 250,000 plans which total 3 million participants.
The product, which was first reported
in our sister publication 401kWire
, is called Recordkeeper Direct Multi-Fund
, a new version of the existing Recordkeeper Direct product.
The multi-fund version was created to satisfy advisors desire for more flexibility, American Funds retirement plan business director Bill Anderson
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