The scheme also allows employees to pick particular funds they want to invest in, and switch funds during the life of the pension.

One way to find registered investment advisers with a primary focus on picking no-load funds is through Schwab.

That 1 percent could be enough to pay an outside financial adviser to pick funds.

Investors pick funds based on risk, investment style, expenses, returns and manager experience.

Perhaps the most compelling argument for better disclosure is that it would help investors do a better job of picking funds.

Some managers question whether it even makes sense to pick funds on the basis of their having not lost money in the last 10 years.

"You have to be judicious in picking funds."

He wanted to help people pick mutual funds.

So with those caveats in mind, people who want to begin picking funds should first get a grasp of the concept of investment risk.

But Galt has steadily improved its interactive features, including a program to help users pick funds.