True to form, private investors have missed out, with fund sales falling in September to their lowest levels since 2008.

The high stock market volatility of the last year has not helped fund sales.

Clearly, mutual fund sales through banks are a trend here to stay.

Since January, for instance, net fund sales have slowed to less than a 1 percent quarterly increase.

"Two years ago, everyone in the industry looked at the level of fund sales and said, 'How long can this last?' "

But industry officials say that January - traditionally a strong time for mutual fund sales - is shaping up much better.

Retirement programs account for about half of all new mutual fund sales at Fidelity.

But industry officials say that January, historically a strong time for mutual fund sales, is shaping up much better than the previous month.

Those municipal fund sales have been stimulated by talk of much higher top tax rates.

For July, fund sales were strong at the nation's big fund families.