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,

The move is a critical step in President Donald Trump’s push to open 401ks — the term for US retirement savings accounts — to private investment firms who see the system as a crucial market to draw in assets, particularly as large pensions and endowments pull back.

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