Owing to the increasing mutual fund scandals and surging management fees, Wade Financial Group Inc. recently launched Wade Folios, a mix between traditional mutual funds and separately managed accounts, or SMAs, according to Dow Jones.

Investors own a basket of stocks, just like they do in a mutual fund, in addition to paying an all-inclusive fee, as in an SMA, but without the customization. Jerry Wade, who runs Wade Financial, said he introduced this product after seeing fees soar.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.