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As the mutual fund industry has matured, distribution channels have fractionalized and fund companies have learned to compete in multiple channels.  A consequent development has been the rise of Intermediary fees, which are payments made by a Mutual Fund Sponsor to a company involved in the distribution of mutual funds to investors; we call these firms Intermediaries.  They bring value by distributing fund companies’ products, and by servicing mutual fund shareholders. To compensate them for those services, fund companies have, over time, agreed to a variety of fees, calculated and paid for in a variety of complex arrangements. 

Barrington Partners has crafted this report to present an overview of the entire phenomenon of intermediary fees, their variety and complexity, and how they are affected by the product and distribution strategies of mutual fund companies.  We offer standard definitions, look closely at specifics about distribution channels, examine the various rates of payments and their split between fund and advisor, and review data on a range of important issues that can improve the reader’s understanding of intermediary fees.  In doing so, we bring to bear the wealth of topical experience gained from our three industry surveys about intermediary fees.