fundamentals 1401 h street nw suite 1200 washington dc 20005 202 326 5800 www ici org copyright 2005 by the investment company institute research in brief is national association of us companies seeks to encourage adherence high ethical standards promote public understanding and otherwise advance interests funds their shareholders directors advisers o s t m u a l f n d r e w through financial intermediaries 2003 individuals held only 15 percent mutual fund assets directly with figure 1 individual investors remaining such as defined contribution retirement plans broker age firms banks insurance or supermarkets reliance on intermediar ies for purchases other services not recent phenomenon sharehold ers traditionally have relied heavily affiliated dealers offering advice 1970 example 90 household were invested professional
