Capital One has added Spark 401k, an all-exchange-traded fund 401(k) plan,to its products for businesses with fewer than 100 employees.

Spark 401k plans use model portfolios to simplify investmentselection; plan sponsors can receive assistance from customersuccess managers and customer care agents in choosing and managingretirement benefits. Spark 401k also offers online planmanagement.

A Capital One representative said that the company takes “adiverse approach to distribution, using many channels to driveawareness of the offering.” While Capital One sells throughadvisors and broker-dealers, its primary sales channel is direct tosmall businesses. Ascensus and PAI are the recordkeepers for Spark401k, and Capital One Advisors acts as the plans’ 3(38) fiduciaryand investment manager — thus relieving the plan sponsor offiduciary responsibility for investment decisions.

Spark 401k offers two customizable 401(k) plans that aredesigned for businesses with W-2 employees — a safe harbor 401(k)and a traditional 401(k) — in addition to providing an individual401(k) plan for owner-only businesses. Spark 401k also overseeseach plan’s investment fiduciary responsibilities.

The Capital One product is just the latest from a series ofproviders targeting the small-business market manydoing so in anticipation of potential effects of the U.S.Department of Labor’s fiduciary rule. Platforms range from the robo —such as the one from Betterment for Business — to thebundled, such as J.P. Morgan Asset Management’s Retirement Linkbundled defined contribution plan offering for the micromarket.

In addition, there’s LPL Financial’s 3(38) fiduciary service, rolled outearlier this year, which is aimed at advisors who cater to thesmall plan market. While 401(k) plan sponsors, all of whom arefiduciaries under Employee Retirement Income Security Act, stillmaintain responsibilities to monitor 3(38) advisors, they arerelieved of the fiduciary risk pertaining to investment decisionsand that risk is transferred to the advisor.