401GO Releases Mobile App in Push for Small, Individual Plan Market Share

401GO, a provider of 401(k) plans for small enterprises and individuals, announced on Wednesday the launch of its mobile app, which allows users to follow investment performance, monitor contributions and access other important account information on their phones.

“This mobile app is a direct response to the feedback and requests from our partners and clients,” said 401GO LLC CEO Dan Beck said in a statement. “We understand the importance of convenience and real-time access to financial information, and we’re proud to deliver a solution that enhances participants’ ability to manage their retirement plans efficiently and effectively.”

The app, available for both iOS and Android devices, includes:

• Account monitoring: Information on account balances, donations and deferral amounts is displayed on the dashboard;
• Investment tracking: Users can leverage insights provided by 401GO to track investment performance, choose new funds and modify balance ratios;
• Secure access: Security measures on the app protect personal data, such as encryption and 2FA login; and
• Financial wellness resources: The app gives users access to free resources aimed at improving their daily financial situation.

The mobile app comes after 401GO announced a $12 million Series A investment round in April. The capital infusion supported 401GO’s existing 401(k) and individual retirement account platforms.

401GO currently has 2,800 plans serving about 31,000 participants, according to a spokesperson from the firm. In comparison, the five firms with the most single-employer 401(k) plans are ADP (102,715), Ascensus (78,007), Capital Group (65,451), Empower (55,836) and Guideline (50,020), according to PLANSPONSOR’s 2024 Recordkeeping survey.

“Growth is coming primarily from partnerships with financial advisers, though we do see a lot of new plans motivated by businesses looking for better benefits for their employees as a result of state mandates,” a spokesperson said via email. “A surprising number of new plans are conversions from other providers whose early growth led to lapses in service quality.”

Recordkeepers who added the most plans in 2023, as per the PLANSPONSOR survey, are ADP (39,224), Guideline (12,795) and Human Interest (8,617). PLANSPONSOR is the sister publication of PLANADVISER.