Earlier this year an informal group of independent investment advisers and financial planners met in Palm Beach, Fla., to discuss the frustrations they face when dealing with no-load mutual fund companies. In August the group sent a formal statement of its concerns-which center on expenses, reporting, and accounting issues-to 100 fund groups and asked them to respond by Sept. 8.
"The funds are our friends and are an important part of the (financial planning) process," said financial planner Harold Evensky, head of Evensky Brown & Katz. "We want to avoid confrontation. But they need to pay attention to these issues. It's time."