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The most recent data available show that 90percentt of the American households that bought fund shares in 2001 purchased them through some sort of intermediary.
Large financial institutions that bought fund managers during the 1990s would like to sell them; at least six European insurance companies would be pleased to get out of the business right now, says a consultant who knows their managements well.
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Instead, he has bought funds that invest in real estate and bonds.
If customers have bought funds merely on their bank's recommendation, they may not stay loyal for long.
Investment bankers trot out similar arguments when buying fund managers.
The better strategy, they are told, is to buy fund shares and hold them long term.
For those seeking bond funds, Henderson's Mr McQuaker recommends buying fund managers that have the flexibility to invest across the market as opportunities arise.
"People bought stock funds when many thought that fear would cause them to sell".
We unambiguously suggest individuals buy funds rather than individual bonds.
Canary, though, conspired to buy funds after four o'clock while still paying that day's price.
Many investors now buy funds through retirement plans and mutual fund supermarkets without paying commissions.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com