Employers would have to decide to offer the plans — and experts anticipate many might be reluctant, as they could be held liable for losses.

Private asset managers have been tantalized for years about the $29 trillion in Americans’ retirement accounts. Donald Trump just made it easier for them to get a slice.

The new White House order directing regulators to expand access to alternative investments in 401(k) plans, like crypto or privately owned companies adds a new layer of risk to the retirement portfolios for ordinary investors that they may not fully understand,