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• W1569354476 abstract "Abstract Although supermarkets for groceries have existed for nearly a century, financial supermarkets are a much more recent innovation. We find that investors rely on mutual fund supermarkets to buy highly differentiable funds from small, specialized fund families. Investors' use of supermarkets is consistent with efforts to reduce search costs while obtaining benefits of product focus at fund origination level. The results thus demonstrate growing importance of distribution in context of intangible goods. Consistent with arguments by Black, Ciccotello, and Skipper (2002), findings suggest that brand in financial services is increasingly driven by closeness to customer. © 2007 Academy of Financial Services. All rights reserved. JEL classifications: G20; L23 Keywords: Mutual funds; Supermarket; Strategy; Structure; Brand 1. Introduction Ever since Piggly Wiggly opened its doors nearly a century ago, customers in United States have had opportunity to shop at supermarkets for groceries. Only much more recently, however, has supermarket innovation moved beyond tangible products to intangible ones. In 1992, Charles Schwab started its no-transaction fee (NTF) supermarket, called One Source, where customers (investors) can hold and trade open-end mutual funds from multiple fund originators (families) within a single unified account. Customers have responded positively to extension of supermarket to intangible products. Block (1997) reports that NTF mutual fund supermarkets grew rapidly after their birth, over 750% in terms of asset holdings between 1992 and 1997. By 2002, two largest NTF supermarkets, Schwab One-Source and Fidelity Funds Network, held over $150 billion in assets (Damato, 2003; Strategic Insight, 2002). Several industry observers argue that NTF supermarkets are the future of direct sold mutual fund business (Damato, 2003; Goldstein & Krutov, 2000). Some evidence appears to support their claim. Recently, assets entering mutual fund industry through NTF supermarkets have been about one-third of those entering via direct sale with a fund family (Reid & Rea, 2003). Despite NTF supermarkets' growing prominence, academic research has yet to address implications this innovation has for investors or for industry structure. This paper's goal is to examine supermarket distribution within context of literature in individual financial management. Black, Ciccotello and Skipper (2002) argue that vertical integration of origination and distribution in financial services and personal financial planning is being driven by desire to control client relationships. They also posit that financial services provider closest to customer will gain power as that customer's financial situation grows more complex. Consider that over past 10 years, number of open-end mutual funds available to investors in United States has increased to over 10,000. With such a large number of funds from which to choose, U.S. mutual fund industry does present customers with significant search costs (Sirri & Tufano, 1998). Hence, open-end mutual fund product provides an excellent test of whether investors are placing more value in distribution over time. Relying on fund flow data, this paper provides empirical evidence showing that: (1) investors tend to rely more on supermarkets to buy highly differentiable products from smaller, more focused fund families; (2) brand recognition of NTF supermarkets is gaining strength over time. As customers increasingly rely on brand of distributor, die brand name of product originator (fund family) becomes less important to them. Consistent with arguments by Black, Ciccotello and Skipper (2002) regarding vertical integration trends in other financial planning products, mutual fund supermarket distributors (such as Schwab) have begun to put their own products (funds) onto shelves, vertically integrating backward into product origination. …" @default.
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• W1569354476 date "2007-12-01" @default.
• W1569354476 modified "2023-09-26" @default.
• W1569354476 title "Supermarket Distribution and Brand Recognition of Open-End Mutual Funds" @default.
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