Banks have made significant headway in recent years-particularly over the last year-in the investment products area. Most large institutions can now offer brokerage services and mutual funds, as well as annuities and other life insurance products.

To their credit, banks have increased their share of total mutual fund assets to more than 12%. Seeking to replicate the results of Charles Schwab, NationsBank and others have rolled out mutual fund supermarkets, where they sell both proprietary and third-party funds.

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