Peter Mallouk says 401k plans are expensive, overly complex, needlessly complicated and involve too many third parties. While he’s a major advocate for the retirement savings vehicle, he’s nonetheless on a mission to make it more effective for plan sponsors and participants.
As president of Creative Planning, Inc., one of the largest wealth management firms in the nation with almost $50 billion in assets, he’s leading the charge for lower fees, higher balances and better service.
He recently acquired America’s Best 401(k), a low-cost provider determined to disrupt the DC space. We asked him about the acquisition, industry innovation overall and what’s next for employer-sponsored plans.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of 401(k) Specialist and Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots. Experienced financial services content executive specializing in creative new media delivery. He joined the American Retirement Association in 2023 as Chief Content Officer, overseeing communications for the organization, as well as its sister organizations.