^ A lot of truth to this. Mutual funds are good for people when they are starting out but once you get some money behind you it's time to grow up and invest into other products.
There are good mutual funds out there but most of the people selling them to you aren't too bright. I used to sell mutual funds to clients and the banks mandate was for us to sell the 'right' product. Funny how every month we changed the right product for the clients depending on what gave the company the most profits
I don't miss those days. A few months after I finished my CFA I got the hell out of there. No objectivity in these places at all. Independents aren't much better.