Funds go wireless
From Wall Street Journal
Nearly two-thirds of the fund companies surveyed by kasina LLC said that they are planning to add wireless Internet services in the next year. The Internet consulting firm found that 64 percent of the 66 fund companies it interviewed say that they will offer services such as account balances, information about specific funds, transaction capability and customized fund alerts via wireless Web connections in the next twelve months. The firms should not expect their investors to break down the doors on these services, though. Kasina found that only 2% of fund investors who use the Web access it through wireless devices. Optimistically, the study predicted that nearly half of online mutual-fund investors would be using mobile Web devices within 12 months.

French savings plan draws heat
From International Herald Tribune
Pension reform is not only an issue for George W. Bush and Al Gore. Yesterday, France’s Finance Minister Laurent Fabius proposed a tax-favored employee savings plan for employees of small companies. The plan is part of an effort in France to overhaul that country’s public pension program. Unlike the U.S., France does not yet have a private pension system, nor is the existing public system funded. The new plan is under attack from the communist CGT union that says it is ''close to pension funds'' and creates the possibility for unfair distribution of benefits. Fabius disagrees: “''I do not think we should talk about pension funds. This triggers an ideological debate which you can be sure will result in nothing being done at all.'' The plan would allow employees to voluntarily save up to a quarter of their pay for a minimum of 10 years. Employers could choose to contribute as much as an additional 30,000 francs ($4,225) a year. Deposits would be subject to 10 percent social-security taxes when withdrawn but would be exempt from other taxes such as health insurance, capital gains and income taxes. Employees would be eligible for the plans after two months' employment and could use the funds for any purpose after the 10-year set-aside period. The plan will be presented to the French Parliament in October.

Ten fund myths that harm investors
From CBS.MarketWatch
Columnist Paul B. Farrell once again takes on the way fund companies disclose performance to investors. This time he lists the “ten myths” created by the industry. Here they are: (1) Fund numbers are honest and objective, (2) Expense ratios reveal all fund costs, (3) Loaded funds are as good as no-loads, (4) Higher returns don't mean higher risk, (5) New funds are better than tired old-timers, (6) Total returns are your best buy criteria, (7) Always invest in long-term winners, (8) You can buy and sell funds any time, (9) Buy money markets with the highest returns, (10) Bond funds are safe, returns are steady.  

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