Mutual-Fund Advisory Program

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Mutual-Fund Advisory Program

An investment vehicle in which an investor works with an investment adviser to take a long position in several mutual funds. The program utilizes an asset allocation method that matches the investor's goals. The investor does not pay fees for each mutual fund, but rather pays the average fee to the investment adviser. A mutual fund advisory program allows the investor greater autonomy over his/her portfolio. It is also called a mutual fund wrap. See also: Fund of funds.