Mutual fund investors shunned stock funds for money market and bond funds in January, but such a conservative shift does not favor banks the way it did a few years ago, experts said.

"I don't see it as a huge benefit for banks," said Louis Harvey, president of Dalbar Inc., a Boston consulting firm. "Banks are still going to have to displace a bunch of people out there who have good reputations and highly respected, conservative products."

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