December 6, 2007
New Study Questions Brokerage Advice on Mutual Funds
A study by three academics,Mercer Bullard, Geoff Friesen, and Travis Sapp, financed by the Zero Alpha Group, a group of independent fee-based advisers, Investor Timing and Fund Distribution Channels, concludes that "investors who transact through investment professionals using conventional distribution arrangements experience substantially poorer performance than investors who purchase no-load funds" and question "the value added by investment professionals who sell mutual fund shares through conventional distribution arrangements."
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