Baron Financial Group is an institutional investor. As an independent RIA (Registered Investment Advisor) with no allegiance to any investment company, we use a process to identify investments for both our clients, as well as our own investment portfolios. One of the filters in the process is cost. This comes in to play mostly with mutual funds and exchange-traded funds. When institutionally-priced mutual funds make sense, we take advantage of the opportunity. In the world of mutual funds (which are pools of assets such as stocks and/or bonds), there can be different pricing for the same underlying investments.