Which are the distribution channels of mutual funds?

Mutual funds are distributed through five distinct channels. They are available through a direct channel (from the fund family), an advice channel (with the recommendation of an advisor), through a retirement channel (such as 401(k) or IRA accounts), or through a supermarket channel (often a brokerage account that offers numerous funds from different fund families). These four distribution channels serve the individual investor. The fifth is known as the institutional channel and is used by foundations, business, endowments and a host of other large groups using mutual funds for investment purposes.