Let’s talk about Brokerage Managed Funds. They are funds managed directly by a brokerage that your broker will sell to you. They can sometimes be sold by independent financial advisors, but most of the time they are an inhouse product. My problem with these funds is that most of the time your broker or advisor is paid a much larger fee to sell you this product. This can create a conflict of interest with your broker. These funds can have a place in your portfolio, but if there is a non inhouse fund with similar asset makeup and performance, it will usually pay a smaller broker fee and probably be cheaper to you, the investor. Just make sure there is a valid reason for getting into this fund besides buying your advisor a new car.