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,

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

Changes under his executive order would not be immediate. Federal agencies would first need to rewrite rules and regulations to allow the expanded choices.