As it turns out, size does matter. The asset level of a mutual fund is something that is closely looked at by financial planners and advisors. While companies often tout their total assets under management, having an abundance of assets in a single fund tends to turn advisors away. The worry is not lower returns necessarily, but rather a divergence from investment objectives. Consequently, it's important for marketers and wholesalers to communicate the size of the fund they are selling and what the firm will do if it gets too big, according to advisors.

"We are always looking at asset levels before we decide whether to buy a fund," said Diane Pearson, a financial advisor with Legend Financial Advisors of Pittsburgh. "It is one of the more important factors in making a decision about a fund."

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