Issue to Consider	Mutual Funds	Separate Accounts	Curian Capital
Investing within an overall financial plan	Usually not. An investor selects a fund with little regard to an overall financial plan, assessing their risk tolerance, and/or proper asset allocation.	Usually the broker (relationship manager) will invest to ensure immediate cash flow needs are met. Generally, a long range financial plan and assessment is not used.	Curian only works with financial advisors that will create an overall financial plan for their clients that properly addresses their clients risk tolerance, proper asset allocation and the achievement of their financial goals.
Range of fees	Morningstar and PersonalFund.Com indicate that these can be as much as 4.5% of the amount invested.	If done with accounts that do NOT include mutual funds, these fees tend not to exceed 3%.	These accounts do NOT include mutual funds and average 2.01% for accounts less than $500,000.
Diversification	Usually only within the asset class of the particular fund.	Each manager diversifies well within the asset class that they represent; overlap may exist.	Each manager diversifies well within the asset class that they represent; overlap is managed to a minimum.
Methodology for investment discipline	Although most have a buy/sell discipline, there is a lot of “style drift” in order to achieve return which is counterproductive to asset allocation. There is also a need to sell prematurely if there are too many liquidations.	Securities are only sold if the manager no longer wishes to hold the security for whatever reason it deems appropriate. There are no unnecessary liquidations.
Usual selection process by investor	Normally based on historical returns and in many cases based on managers that are no longer with the fund.	Manager selection is based on the specific returns and qualitative factors of the manager.
Tax efficiency (for non-retirement accounts only)	You inherit any unrealized capital gains when you enter the fund.	You own the actual securities so there are no unrealized capital gains when you enter a portfolio.
Tax harvesting (intentionally taking capital losses to offset internal or external gains)	Not available.	Depending on the broker, and your relationship with your tax advisor this may or may not be done.	Your Curian advisor IS a CPA and understands all tax ramifications. Curian automatically initiates this process for ALL clients automatically.
Minimum size of accounts	As low as $100	Usually $100,000 per manager. Proper diversification doesn't normally occur until the account is greater than $250,000	$25,000 for the entire account which will include complete diversification across all asset classes
Transparency of holdings, reporting to shareholders, disclosure	A monthly statement is sent out. Usually only the top 10% holdings 6 months after the fact are disclosed.	You own the actual securities and can see what you own as often as the manager reports, which is usually everyday.
Portfolio customization	Not available.	Some. Limited to the stocks selected by each manager.	Complete. Each manager has their own selections but you can exclude by socially responsible issues or a particular stock (i.e. if you already own a lot of a particular stock)
Portfolio management	Professional management with no outside oversight.	Institutional management usually with some outside oversight, but not required.	Institutional management with complete outside oversight by a 3^rd party named CRA Rogers Casey.
Fee structure	Flat percentage, there is no reduction based on size of account.	The percentage charged is reduced when reaching defined account levels.