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Top Financial Advisors Move Away From Mutual Funds

The top-producing financial advisors are increasingly interested in offering clients individually-managed accounts rather than mutual funds, the Money Management Institute recently announced. MMI, a trade organization based in Washington, D.C., made the announcement at its annual conference earlier this month.

MMI found that nearly 35 percent of advisors earning more than $150,000 are interested in offering affluent clients individually-managed accounts. In 1996, that figure was only 13 percent.

Advisors in the next tier, those earning $75,000 to $149,000 a year, also have become more interested in individual accounts, with those figures rising from eight percent in 1996 to 13 percent in 1999.

MMI said that assets in individually managed accounts grew from $163 billion in 1996 to $321 billion in 1998.