“Regarding ETFs in 401(k)s, we recognize it’s a new concept for most employers and for the consultants who serve those employers,” Gray said. “We’re happy to report that the market has been receptive to the this exchange-traded fund approach.”
Gray said Schwab’s target market in the retirement plan space is company plans with assets of $20 million to multiple billions of dollars. He noted that more than 90 clients have transitioned or are in the process of transitioning to either the index mutual fund or index ETF version of Schwab Index Advantage.
“We’re excited by the level of receptivity we’re receiving,” Gray said.