There are far too many mutual funds in the market and the overabundance of choices is not helping investors make better financial decisions, says Brian Portnoy, author of "The Investor's Paradox". Fund companies create numerous financial products each year that are unnecessary, says Portnoy, yet they sell them to investors as being vital to their portfolios. In Portnoy's view, investors need to tailor their fund choices to their individual needs, and use online resources to avoid asset overlap.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

More from Video

Need Some Income for Your Portfolio? Consider Closed-End Funds

Need Some Income for Your Portfolio? Consider Closed-End Funds

Is the Cannabis Crazy Equivalent to the Dot Com Bubble?

Is the Cannabis Crazy Equivalent to the Dot Com Bubble?

Closed-End Fund (CEF) Distributions, What You Need to Know

Closed-End Fund (CEF) Distributions, What You Need to Know

Former GE Exec Beth Comstock Reveals This Dire Change Companies Need to Make

Former GE Exec Beth Comstock Reveals This Dire Change Companies Need to Make

60 Seconds: The Documents You Need in a Disaster

60 Seconds: The Documents You Need in a Disaster