A survey of
Schwab customers in July found that over 90% of them planned to buy or sell mutual funds online. Now, it appears they've lived up to that promise. A survey conducted in October shows nine out of ten prefer to make their mutual fund trades online. The statistics are from the
OneSource Mutual Interest Council, a panel of 519 Schwab mutual fund customers nationwide.
They also like to keep their investing options open. 56% said that having access to multiple channels was "very important." Still, they don't like to spread themselves too thin. 56% "strongly agreed" that mutual funds should be bought where they hold other investments.
While they like the Internet, Schwab customers don't want human beings to be far away. 72% want a branch or telephone representative available for help and advice.
The respondants, who are surveyed quarterly, are fairly serious and conservative investors. Half have more than $40,000 invested in mutual funds, and 31% have more than $85,000. 62% hold mutual funds for at least three years, and almost one-third have held them for five years. Good performance was the number one consideration for deciding when to buy and sell a fund.
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