What do are independent advisors looking for in a mutual fund? The MFWire sat down with New York City-based advisor, Richard Bregman, founder and Chief CEO of MJB Asset Management, at Schwab Institutional's IMPACT conference in Las Vegas to find out.

Bregman said that while performance is important to him, the process carries equal weight. "I'm always looking for something different, that stands out from the pack," Bregman said.

Currently Bregman said he likes funds that focus on alternative strategies. "I think 130/30 strategies are the next big thing," Bregman said.

Another strategy that can impact which funds advisors choose is providing access to fund managers. Bregman said he feels more inclined to invest in funds in which he has seen the fund manger speak or been able to read his or her writings.

Bregman also has some advice for funds that see the departure of a "star" fund manager. "If a manager leaves a fund, I would want the fund company to be straight with me," he said. Fund companies should not pretend it is business as usual, according to Bregman. He thinks they should openly discuss the new approach the new manger will take to managing the fund.  

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