American Express launched a new business offering consumers financial products and services directly by calling a toll-free number, a direct hit to financial supermarkets offered by firms like Charles Schwab and Fidelity, which offer investors a plethora of mutual funds for little or no transaction fees with one consolidated statement.
The move also gives money managers another distribution outlet for their mutual funds. Investors in the new Financial Direct program will have access to American Express funds as well as more than 60 no-load funds from such firms as INVESCO, Founders and Stein Roe.
