Understanding Shareholders' Use of Information and Advisers (pdf)

FIGURE 45Primary Financial Adviser’s Single Most Important Function by Nature of Relationship(percent of respondents who had consulted a professional financial adviser)Nature of Mutual Fund Relationship with Primary Financial AdviserAll Respondents Shareholder Shareholder Selects Shareholder OnlyWho Had Consulted Effectively Delegates Fund from Several Directs Adviser toa Professional All Fund Purchase Recommended by Place FundFinancial Adviser Decisions to an Adviser an Adviser Purchase OrdersProvides investment advice 27 57 24 11**Provides investment information 19 3 24* 9Manages your investment 25 20 22 31**portfolioProvides investment education 13 3 17* 2Places purchase and sale orders 10 14 3 43**Works with your other advisers 6 0 6 1Other 0 3 1 3Number of respondents 558 73 389 73*Respondents who share fund purchase decisions with an adviser are statistically different from those who only direct fund purchase orders through, or effectively delegate fund purchasedecisions to, an adviser at the 95 percent confidence level.**Respondents who only direct purchase orders through an adviser are statistically different from those who effectively delegate to, or share fund purchase decisions with, an adviser at the95 percent confidence level.FIGURE 46Value Shareholders Associate with Primary Financial Adviser by Nature of Relationship(percent of respondents who had consulted a professional financial adviser)Nature of Mutual Fund Relationship with Primary Financial AdviserAll Respondents Shareholder Shareholder Selects Shareholder PlacesWho Had Consulted Effectively Delegates Fund from Several Fund Purchasea Professional All Fund Purchase Recommended by Orders ThroughFinancial Adviser Decisions to an Adviser an Adviser an AdviserExcellent value 40 72* 39 17Very good value 22 17 25 8**Good value 30 8* 31 42Marginal value 5 2 3 22**Poor value 3 0 2 11**Number of respondents 570 66 408 73*Respondents who effectively delegate fund purchase decisions to an adviser are statistically different from those who only direct fund purchase orders through, or share fund purchasedecisions with, an adviser at the 95 percent confidence level.**Respondents who only direct purchase orders through an adviser are statistically different from those who effectively delegate to, or share fund purchase decisions with, an adviser at the95 percent confidence level.46