Mutual fund investors who use a financial advisor have lower redemption rates and longer holding periods than individual investors who do not, according to a recent study by Phoenix Investment Partners of Hartford, Conn.

Investors with advisors are also more likely to stay with their declared intentions to invest for the long term, according to the study. The study, conducted by Financial Research Corp. of Boston, examines investing patterns and their impact on investment returns over the long term, Phoenix Investment Partners said.

Investors' inclination to chase performance is cited as a main reason for diminished returns in the study.

The study evaluated Investment Company Institute data on net fund flows for every Morningstar investment category and compared the performance of fund investors to the performance of the funds they moved in and out of during various holding periods from Jan. 1, 1990 through March 31, 2000, according to Phoenix Investment Partners.

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