Investors often rely on fund distributors to help them choose the right investment products because they can't evaluate all options themselves. This study looked at whether investors' choices differ depending on whether they invest through funds, fund management companies, or fund distributors. The results show that fund flows vary depending on the distribution channel, with fund distributor flows being influenced by factors like their financial business segment, market share, and company evaluation grade. This suggests that changes in how fund distributors are incentivized can impact investor protection and market competition.