President Trump on Thursday signed an executive order that could allow millions of Americans saving for retirement through 401(k) accounts invest in higher-risk private equity and cryptocurrency assets.

The executive order doesn’t immediately change how people will invest for retirement through their employer-sponsored accounts, as federal agencies would need to rewrite regulations to allow expanded investment choices. That’s a process that experts say could take months, or longer, to complete. 

But once done, employers could offer a broader array of mutual funds and investments to workers, according to the White House. New plans could invest in alternative assets, particularly private equity, cryptocurrencies and real estate.

The…