According to a recent poll, 17% of Americans are not aware that banks sell mutual funds. Maritz Research Financial Services, who conducted the poll, surveyed 1,005 randomly selected adults from around the U.S.
Eric Levy, director of research services for Maritz, said banks poor marketing capabilities is to blame for Americans ignorance of bank funds. "The fact that nearly one-fifth of Americans still dont know banks sell mutual funds today is an astounding number," he said in a statement.
Even higher percentages of Americans are unaware that banks sell other products, such as corporate bonds (41%), individual stocks (34%), and variable annuities (27%).