Morningstar Advisor - October/November 2013 - (Page 48)
Morningstar Conversation
Piloting New Channels
By Scott Burns and John Rekenthaler
An industry weaned on the traditional sales pitch is being forced
to adapt to new products, sophisticated investors, lower fees,
and innovation.
Exchange-traded funds, separate accounts,
model portfolios, alternative strategies,
traditional mutual funds—investors have never
had so many choices at their fingertips.
While that variety has benefits—competition
has led to a gradual decline in retail fees—
it also means the investing industry has been
forced to react to a rapidly evolving
landscape. Nowhere is the change more
dramatic than the sales channel—or “distribution” in mutual fund parlance. Asset flows into
48 Morningstar Advisor October/November 2013
exchange-traded products, for example, are
clear signs investors have become increasingly
agnostic about the vehicle they use to fill
out holes in their portfolios. Investors are
demanding more information on the strategies.
Today, mutual fund companies are crafting
sophisticated pitches that just a decade ago
would have been reserved for institutions.
Jim Jessee and Rich Dion are confronting those
industry shifts head on. Jessee is president
of mutual fund distribution at MFS. Dion is
president of Placemark Investments, which
offers a platform for separate accounts, unified
management accounts, and other investment
vehicles. Morningstar’s John Rekenthaler, vice
president of research, and Scott Burns,
director of fund analysis, recently sat down
with Jessee and Dion to talk about how
changes in distribution are having an impact on
fund companies, broker-dealers, advisors,
and other industry players. Their conversation
Table of Contents for the Digital Edition of Morningstar Advisor - October/November 2013
Morningstar Advisor - October/November 2013
Contents
Contributors
Letter From the Editor
How to Make Social Media Work for You
Do Mutual Funds Still Have a Role?
More Personal Than Finance
How to Handle Your TIPS Positions
A Real Estate Veteran Starts From Scratch
Investments á la Carte
Investment Briefs
When to Say No
Take a Guarded Approach to Homebuilders
Fund Distribution Has Been Turned on Its Head. Now What?
Winning the Distribution Battle
Active ETFs Wait for Their Heyday
A Fund Firm Defies Indexing Trend
Piloting New Channels
A Good Fit
The Predictive Power of Fair Value Estimates
Does Being Prudent Pay Off?
Utilizing Utilities’ Total Return
Stuck in the Middle Is Not a Bad Place to Be
Our Favorite Mutual Funds
50 Most-Popular Equity ETFs
Undervalued Stocks With Wide Moats
The Good Guys Win
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