Atlanta - Non-wrap mutual funds were cited as the most widely used investment product, both in terms of the number of practitioners using mutual funds and the percent of client assets allocated to funds, according to a report by the Financial Planning Association and Financial Research Corp.

Of 603 firms surveyed, 92 percent use mutual funds and, on average, hold 46 percent of client assets in them, according to the report, “Understanding the Delivery of Advice and Financial Planning Services.”

Individual securities ranked as the second most widely used investment product, with variable and fixed annuities coming in third, followed by mutual fund wrap programs.

Three-quarters of the 276 respondents currently using mutual fund wrap programs said that they plan to increase their use of fund wrap programs over the next few years.

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