Fidelity Investments said it has lowered the charges on the funds it sells through banks, brokerages, and insurance companies.

About $21.6 billion of the $356.6 billion in assets that Fidelity manages come from its family of Advisor funds. These portfolios have sales charges to compensate brokers for investment advice.

The move, announced last Thursday, affects seven stock funds and 10 fixed-income funds in the Advisor family. The company reduced up-front charges on the portfolios from 4.75% to 3.5% of assets under management. Charges for marketing the funds, the 12b-1 fee, were dropped to 0.50% from 0.65%.

The stock funds are among the cheapest now, according to Lipper Analytical Services Inc.

For a bank brokeage, the move "means your revenues from the sales of those products will be down," acknowledged Edward Diamond, president of the brokerage firm at Dime Savings Bank of New York.

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