Fund Investors Can Use the Web to Bypass Brokers, Not Commissions

Some mutual fund companies are adding a new wrinkle to do-it-yourself online investing: broker commissions.

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Last week, MFS Investment Management unveiled MFS Access, a self-service section of its Web site where investors can add to existing broker-sold fund accounts by transferring money from other funds or from their bank accounts. In January, Alliance (AC Quote), another broker-sold fund company, added a similar feature to its Web site.

In both cases, investors are charged a sales load or commission to make the online purchase. The fee goes to the investor's broker of record, even if the broker has no input on the decision. ...