One service desperately needed is objective advice on allocating 401(k) assets. In fact, this is an important part of what I do. Very basically, I look at the total asset picture of clients and manage their assets or recommend asset allocations for them. I use an approach that stresses tracking markets using low-cost well-diversified ETFs and mutual funds. My reading of the evidence is that this approach will outperform active managers over the long term after all fees are accounted for.
Many prefer an active approach. From my perspective, that's ok. There is more than one way to skin a cat, and time will tell if an active approach will add value.
With this being said, there is a free, fund-specific service, Kivalia, that helps investors with asset allocation in their 401(k)s (and 403(b)s and 457s, etc.). If a fund isn't presently in the more than 225 funds listed, it can easily be listed.
Once in the database, the service produces 3 recommended fund-specific asset allocations illustrating 3 risk tolerances as shown:
For those who like pie charts, the asset allocation is also shown as follows:
To get the full utility of kivalia (the website has the genesis of the word, which you'll find interesting), you have to putter around on the site. You'll find the ability to be notified of alerts when changes are recommended and that there is a lot of guidance and useful information for those puzzling over the asset allocation decision. I would suggest that plan administrators take the lead and advertise this service to employees. They should be pro-active in getting their plans listed and promoting objective advice on investments.
The principals of Kivalia have strong credentials to provide the advice offered. I would, however, like to see an explanation of how various factors are weighted in arriving at the recommendations. For example, as readers know, I and many others emphasize costs of funds as an important long-term performance factor.
Disclosure: I am not affiliated with Kivalia. This post is for educational purposes only. Individuals should do their own research or consult with an investment professional before making investment decisions.