For more than 40 years, this umbrella group for investment clubs has preached a simple gospel: The path to financial success lies in selecting quality growth stocks selling at reasonable valuations. The approach has been a popular one, as evidenced by the NAIC's steady expansion to where it now encompasses 270,000 members in 13,000 clubs.

So it was something of a milestone when the organization in January unveiled its first work sheet for comparing stock mutual funds. The one-page form is a handy way for investors to compile information on a fund's performance, management, riskiness, expenses, portfolio holdings and more.

In fact, NAIC surveys indicate that, on average, members have about 40% of their personal portfolios in mutual funds, excluding club holdings. The average NAIC participant has investments worth about $200,000, O'Hara says. Of that, less than $8,000 represents a member's stake in his or her club's account.