Semi-amusing observations on 401(k) self directed brokerage accounts

Is it my imagination or does every 401(k) plan that wants to offer a self directed brokerage account option for participants is either a law practice or medical practice?

In 12 years as an ERISA attorney, I cannot recall a client that put in self directed brokerage accounts that wasn’t a law firm or a medical practice.

My second observation is that the participants that go the self directed brokerage route, always do worse than what other participants do under the mutual fund menu set up by the plan’s financial advisor.