Distribution Channels for Mutual Funds: Understanding Shareholder ... - ICI
Distribution Channels for Mutual Funds: Understanding Shareholder Choices
Research Report/Summer 1994
Distribution Channels for Mutual Funds: Understanding Shareholder Choices
Research Report/Summer 1994
Copyright ?1994 Investment Company Institute
Distribution Channels for Mutual Funds: Understanding Shareholder Choices
Table of Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Chapter 1: Current Use of Channels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Chapter Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Use of Channels to Purchase Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Use of Channels to Purchase Nonfund Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Use of Channels for Total Investment Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Chapter 2: Channel Use Over Time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Chapter Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Patterns in Channel Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Channel Used to Purchase First Mutual Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Channel Used to Purchase Most Recent Mutual Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Channel to Be Used to Purchase Next Mutual Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Chapter 3: Motivations for Channel Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Chapter Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Principles of Motivation Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Full-service Broker Channel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Discount Broker Channel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Insurance Channel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Bank Channel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Financial Planner Channel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Direct Market Channel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Chapter 4: Profile of Channel Users . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Chapter Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Demographic and Financial Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Current Investment Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Recent Mutual Fund Investment Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Investment Information Sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
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Distribution Channels for Mutual Funds: Understanding Shareholder Choices
Chapter 5: Single-channel and Multichannel Users . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Chapter Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Channels Through Which Single-channel and Multichannel Users Own Funds . . . . . . . . . . . . . . . . . 48 Future Use of Channels to Purchase Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Demographic and Financial Characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Current Investment Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Views on Saving and Investing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Investment Information Sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Single-channel Users Who Were Multichannel Users . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Chapter 6: Segmentation of Shareholder Investment Channel Needs . . . . . . . . . . . . . . . . . 57
Chapter Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 Principles of Segmentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Confident Guidance-Oriented Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Adviser-Dependent Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Fee-Sensitive Independent Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Cautious Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Uninvolved Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Appendix A: Research Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 Appendix B: Detailed Tabulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
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