HerMoney with Jean Chatzky Should Crypto and Private Equity Be in Your 401(k)? A CFP Breaks It Down
Feb 20, 2026
Liz Miller, CFP® and CFA, founder of Summit Place Financial and former CFP Board chair, simplifies complex investments. She explains private equity, private credit, and crypto in plain terms. Short talks cover fees and the “2 and 20” model, tax tradeoffs of holding crypto in retirement accounts, illiquidity risks, and how much crypto might fit in a diversified plan.
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Wall Street Is Packaging Alternatives For Main Street
- Wall Street repackages saleable products to push alternatives like private equity into 401(k)s.
- Alternatives were once elite because they didn’t trade on public markets and remained illiquid and opaque.
Illiquidity Masks True Volatility
- Alternatives can appear more stable because they aren't marked to market daily.
- Lack of frequent pricing can mislead investors about true volatility and delayed revaluations.
What Private Equity And Private Credit Mean
- Private equity buys private company stock believing it'll rise in value over time.
- Private credit is private lending—like bonds created directly between investors and companies.