WASHINGTON - Mutual funds may be an undisputable mainstay in investors' portfolios - but investment advisors should carefully consider whether they want to also offer complementary or competing products such as separately managed accounts (SMAs), exchange traded funds (ETFs), commingled trusts and/or hedge funds.

That was the message to industry executives who attended one candid panel discussion at the General Membership Meeting of the Investment Company Institute here three weeks ago.

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