Peter Mallouk says 401k plans are expensive, overly complex, needlessly complicated and involve too many third parties. While he’s a major advocate for the retirement savings vehicle, he's nonetheless on a mission to make it more effective for plan sponsors and participants.

As president of Creative Planning, Inc., one of the largest wealth management firms in the nation with almost $50 billion in assets, he's leading the charge for lower fees, higher balances and better service.

He recently acquired America’s Best 401(k), a low-cost provider determined to disrupt the DC space. We asked him about the acquisition, industry innovation overall and what’s next for employer-sponsored plans.