Shift from Load Funds

In 2006, no load fund shares accounted for 63% of all fund sales recorded by advisors (source: Strategic Insight). By 2011, the figure was 80%. Today, load shares account for 50% of mutual fund sales at Edward Jones and 35% at Morgan Stanley Wealth Management. B shares represented 1% of advisor mutual fund sales in 2008, 2009, and 2011; the figure dropped to roughly 0% in 2011.