where can i buy mutual funds?

Answer 1

You can buy mutual funds from the following places:

Bank-
Pros: branches are everywhere and you can have consolidated statement with other accounts you have with that bank.

Cons: Banks sell load funds only which means they charge you commission or they need you to "lock in " your money with a fund family for up to 7 years. The financial consultants in the bank are usually mutual fund and insurance sales who get huge quota and payout pressure from his boss every month.

Mutual fund companies-
Pros: None if you are buying funds from fund house who offer only load funds ( funds carry commission), you should go back to the bank to do so in order to save yourself time on filling out the paperwork. But if you are buying funds from no-load mutual fund company, such as vanguard, you will save a lot of commission ( usually 4-6%) and you do not need to lock in your money with the fund family for long period of time. That will give you more flexibilty should you find the fund family does not fit your need in the future. Some no load fund companies has very low management fee for their funds.

Cons: you need to take care of your own paper work and you need a portfolio software to keep tracking your own portfolio. If you are building a fund portfolio and buying funds from different companies directly, this can be a headache.

Discount brokerages-
Pros: Usually they are mutual fund supermarket which means you can buy funds from different companies using your brokerage account. You will also be able to access a lot of funds (including no load funds) in one place without looking into each individual companies yourself. You can compare the funds they carry in one page on their website or screener which will make your selection process easier. FInancial consultant are available and research reports are ready for you if you need extra help.

Cons: Although the financial consultants in some of the reputatable discount brokerage house such as fidelity and schwab are generally helpful, they are in the salespeople role in their organization and will experience performance pressure in certain degree. You may expect that those people may try to cross-sell or up-sell you (professionally most of the time). Sometimes, transaction fee applies to mutual fund buy/sell in brokerage account.

Hope this helps.

Cheers
Sal

Answer 2

Banks & Insurance Companies are the worst place to buy Mutual Funds. As a general rule they're limited to a few offerings that generate large commisions. The "advise" (again in general).... tends to be less knowleagable than their competitors.

No-Load fund families (in general) tend to be significantly less expensive. There is no correlation to paying a sales fee and good performance.

Good no-load companies include;
Vanguard
T. Rowe Price
Fidelity.

Some brokerages have Mutual Fund supermarkets. I believe the two best are Charles Schwab and Fidelity.

Read: Mutual Funds For Dummies. Learn "Asset Allocation".
Don't pick a fund because it did well recently. Be careful of "hype". Always know what you're investing in.


GOOD LUCK!

Answer 3

buy mutual funds

Answer 4

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Answer 5

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Answer 6

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Buy MF's from an agent who have ARN No. And then ask the company to provide a PIN, you can operate your A/C of that particular folio no. and even sell the units online.

Answer 7

RE:
where can i buy mutual funds?

Answer 8

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Answer 9

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Answer 10

at the bank or possibly at a credit union