A Fiduciary’s Next Steps After Trump’s August 2025 Executive Order: Opening the 401(k) Door to Alternative Investments
Introduction
On August 7, 2025, President Donald J. Trump issued an Executive Order designed to broaden access to alternative investments, such as private equity, commodities, real estate, and certain digital assets, for participants in 401(k) and other defined contribution retirement plans. The initiative is framed as an effort to “democratize” investment opportunities that were historically limited to institutional and high-net-worth investors.