401GO Releases Mobile App to Increase Market Share in Small, Individual Plans

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

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

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

• Account Monitoring: Account balance, donations, and deferral amounts are displayed on your dashboard;
• Investment Tracking: Users can use the information provided by 401GO to track investment performance, select new funds, and adjust balance ratios;
• Secure access: In-app security measures protect personal data, such as encryption and 2FA login;
• Financial Wellness Resources: The app provides users with access to free resources aimed at improving their everyday financial well-being.

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

401GO currently has 2,800 plans serving about 31,000 participants, according to a company spokesman. By comparison, the five companies 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 Recordkeeping 2024 study.

“The growth is primarily driven by partnerships with financial advisors, although we are seeing many new plans driven by companies seeking better benefits for their employees as a result of government mandates,” the spokesperson said in an email. “A surprising number of new plans are conversions from other providers whose early growth led to a decline in service quality.”

The recordkeepers that added the most plans in 2023, according to the PLANSPONSOR study, were ADP (39,224), Guideline (12,795) and Human Interest (8,617). PLANSPONSOR is a sister publication of PLANADVISER.