Finra updates and enhances Fund Analyzer tool

The Financial Industry Regulatory Authority Inc. has updated its Fund Analyzer tool, which is designed to help investors and financial professionals understand the fees and discounts available on mutual funds, exchange-traded funds, exchange-traded notes and money market funds. Finra said the updated tool — which allows for the comparison of more than 30,000 products on the basis of fees, expenses and discounts — includes features that allow it to model investor behaviors and to illustrate the impact that wrap accounts and flat fees can have on overall costs and future account values. Users may select up to three funds at a time to compare. After they input the amount of money they plan to invest and how long they plan to keep the fund, the Fund Analyzer performs the calculations. In the coming months, Finra will add instructional videos to help investors better understand the new, more advanced features and data analyses functions. Finra said the earlier version of the tool will be available on its website until February 1.