On August 7, 2025, a landmark Executive Order signaled one of the most significant changes to U.S. retirement investing in decades: expanding 401(k) access to private-market and other alternative assets.

The order directs the Department of Labor (DOL), Securities and Exchange Commission (SEC), and Treasury to re-examine existing rules and remove barriers that have kept most of the $8.7 trillion in U.S. 401(k) plans from investing in private equity, private credit, real estate, infrastructure, commodities, digital assets, and other alternatives.

SEC Chairman Paul Atkins and Commissioner Mark Uyeda have each expressed support for expanding retail access to private market opportunities, framing it as a way to democratize asset classes long enjoyed by institutional investors. With this expanded access, careful attention to every marketing message, investor communication, and fiduciary interaction is as important as ever.

What the Executive Order Does & What Happens Next

• DOL: Within 180 days, revisit the Employee Retirement Income Security Act (ERISA) guidance on including alternatives in defined contribution plans, and consider “appropriately calibrated safe harbors” to protect fiduciaries from excessive litigation risk.

• SEC: Review and revise rules that limit retail investor access to private funds, and consider investor-protection “guardrails” as access broadens.

• Treasury/IRS: Address tax and operational implications, such as valuation for participant statements and liquidity for Required Minimum Distributions.

From BlackRock’s target-date retirement fund with private equity and private credit exposure by 2026, to KKR and Capital Group’s interval fund blending public and private equity, leading financial institutions are already exploring new opportunities for investors.

Navigating Compliance in a New Landscape

The Executive Order builds on existing regulatory frameworks. Fiduciary duties, disclosure standards, and investor communications will continue to be front and center in the context of new products and investor choices.

For institutions, this represents a chance to ensure compliance programs are prepared for this new landscape, meeting regulatory expectations and reinforcing sound business practices as retail access to private markets and alternatives expands.

Norm Ai’s Perspective: Compliance as a Strength

The opportunity is clear: firms that combine innovative offerings for investors with a demonstrated commitment to compliance will earn the confidence of key stakeholders.

What can firms do?

Consistency Across Channels

Establishing a single, authoritative source of truth for disclosures, combined with a standardized, end-to-end review workflow, drives compliance consistency. Firms leverage Norm Ai to apply the same rigorous standards across teams, product lines, distribution and communication channels - minimizing inconsistencies.

Substantiation at Scale & Efficiency in Review

As new products, campaigns, and participant education initiatives accelerate, the volume of marketing materials requiring compliance review will surge. Norm Ai enables firms to substantiate claims with precision and process materials quickly, preventing review backlogs that can delay launches.

Deep Compliance Expertise + AI Enablement

Volume isn’t the only challenge; complexity is increasing too. Regulatory requirements and guidance will continue to shape how retail investors are afforded access to private markets, products are structured, and alternatives are marketed and sold. Manual compliance processes risk falling behind, with updates becoming outdated before they’re implemented. Firms partner with Norm Ai to integrate deep compliance expertise and advanced AI capabilities - enabling faster adaptation, greater accuracy, and consistent alignment with evolving regulatory expectations.

Scaling Seamlessly with Growth

If alternative offerings take off, firms could face an influx of new plans, customized communications, and participant inquiries. Norm Ai’s automation allows teams to absorb this growth without proportional increases in headcount or operational strain, preserving agility in a fast-moving market.

Audit-Ready Transparency, Continuous Monitoring & Post-Review

Compliance is not a one-and-done exercise. Maintaining complete approval histories and version control is essential, and so is ensuring that materials remain accurate and current after release. Norm Ai combines robust approval tracking with monitoring to identify potentially problematic language before it creates risk.

The Bottom Line

Making alternative assets available to 401(k) plans marks a significant development in retirement investing. For firms that lead, compliance will not be a back-office function, but rather a core part of their value proposition. Clear, concise, and accurate communications will help these firms earn client trust from day one.

Norm Ai already partners with some of the world’s largest and most sophisticated financial institutions to make this possible. Safeguarding the trust of retail investors, and the retirement system itself, will be central to seizing this opportunity.