Until last year, Merrill dismissed do-it-yourself investors as an unattractive segment of the market.

The company offers an entirely online investment management service intended for delegators, or passive investors, versus do-it-yourself investors.

The discount brokers have taken this giant step toward becoming more full-service in style because they believe that it will attract more business from do-it-yourself investors.

Mr. Jacobson said that do-it-yourself investors should buy the Pimco fund's Class D shares through their brokerage account.

During the bond rally of the last three years, a small group of do-it-yourself investors has begun to assemble portfolios of bonds bought online.

Books directly or indirectly descended from Fisher's work now adorn the desks of hedge fund managers, pension consultants, financial advisers, and do-it-yourself investors.

A do-it-yourself investor may instead want to consider exchange-traded funds.

Under new securities rules, do-it-yourself investors will have more chances to buy stocks directly from companies - and be able to bypass brokers entirely in the bargain.

But with more do-it-yourself investors in the market than ever, on line and otherwise, it is uncertain how many will recognize that the investing terrain may have changed.

The heyday of the do-it-yourself investor is over.