GE Asset Management Services
announced today that it will begin offering shares of its 17 mutual funds on a load- waived basis on its new GE Financial Services Web site
"Our mantra here is to look at all ways to expand businesses via the Internet," said a GE spokesperson. "This is just a natural extension of our business and should be a win-win situation for both our broker/dealer and planner channels as well as for direct investors on the Web site."
All of the company's funds will continue to be offered through broker/dealers via load shares and through financial advisors using fund supermarkets.
"We don't see this as competition for our load channels," the spokesperson continued. "We just see it as advice vs. no- advice. There is a set of people that wants to be directed in their investments and another who is self-directed."
"Even customers who have an existing advisor relationship may make additional investments online at load-waived pricing while retaining their advisor to service their account," said Adam Rochlin
, vice president of e-business for GE Asset Management Services. Investors opening an account on the new GE site will be given the option of identifying their present broker or advisor or not.
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