The best way to compare Core accounts to mutual funds or ETFs is to think of Core as a selection of low-fee, tax-efficient, diversified sub-accounts that, when grouped together, have the potential to create an entire investment portfolio, but without the added expense fees, additional 12b-1 fees, or other related fees.1 Most importantly, Core accounts are model portfolios developed, maintained, and managed by a registered investment firm, not a mutual fund company. This means we have a fiduciary responsibility to always do what is right for the client.