Ms. Buziak made the transactions to ensure new cash invested in ING funds Friday was put into stocks, in order to align the products with their investment goals, she said.

WSJ: Idled Stock and Bond Traders Watch, Wait and Position

Margolin recommends two closed-end funds: ING Prime Rate Trust and Van Kampen Senior Income Trust.

FORBES: Fixed Income for Bears

Inside it, ING was selling variable and fixed annuities, which are mutual funds and bond-like investments wrapped in life insurance that, in policies like ING's, cost several times more than low-cost alternatives and provide minimal coverage.

FORBES: Spitzer's Painful Lesson