The State of U.S. Retail and Institutional Asset Management 2024
The Intersection of Investment Product and Distribution Channel
The Entire U.S. Asset Management Landscape, All in One Report
- Review comprehensive market sizing and major trends evolving within the retail and institutional asset management industry
- Evaluate how asset managers need to be positioning various business functions (e.g., distribution, product) to take advantage of industry disruption resulting from COVID-19
- Review how assets in retail and institutional client channels are shifting and which segments can be expected to grow more than others moving forward
- Learn how investor appetite for various investment vehicle wrappers is changing and how asset managers need to offer their strategies to different client segments
- Understand the role that intermediaries (e.g., broker/dealer home offices, consultants) have in the distribution landscape and how that role is evolving
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Summary
This report provides a comprehensive overview of the aggregate U.S. asset management landscape. Intended for U.S. asset managers, or those seeking distribution opportunities in the U.S., this report provides a quantitative evaluation that sizes the current addressable U.S. asset management landscape, covering all distribution channels, client segments, and product vehicles within the retail and institutional marketplaces—with emphasis on the interaction between these two segments.
A Note from the Author
Retail Direct Channel Is on a Path of Continued Marketshare Gains
Matt Apkarian, CFA
Associate Director
Bio →
Matt Apkarian, CFA
Associate Director
Matt is a member of Cerulli’s Product Development practice, which focuses on trends related to asset managers’ product development and management functions. This broadly includes assessing the opportunity for product development, evaluating emerging product trends, and understanding distribution and product positioning for investment products across retirement, retail, and institutional channels.
Prior to joining Cerulli, Matt held roles in
several business units at Fidelity Investments, including Workplace Investing,
Personal Investing, and Fund Operations. Most recently, he worked as an
Investment Data Analyst for Strategic Advisers, LLC.
Full biography here.
The retail direct channel presents a consistent threat to advisor-intermediated channels as end-investors are increasingly educated and have access to high-quality investment products at lower costs than ever seen before.
Since 2022, the channel has grown 22%, totaling $2.5 trillion in asset growth. Overall, retail direct marketshare has grown five percentage points over the eight years trailing 2023. The channel is expected to grow another five percentage points over the next four years and could see a 10-point increase from 2016 to 2027. Meanwhile, wirehouses have lost four percentage points of marketshare since 2016 and are expected to lose another four percentage points by year-end 2027.
Cerulli believes the role of the financial advisor must keep changing to prioritize offerings beyond just investment management. Providers of products, technologies, and services to financial advisors must develop and market offerings that serve the changing needs of advisors who seek to slow the bleed from their advisor-intermediated channels.
For more, access The Cerulli Report—The State of U.S. Retail and Institutional Asset Management 2024, your complete guide to asset gathering in the U.S. marketplace.
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Each report is lead authored by a senior Cerulli analyst with significant industry experience. The report incorporates qualitative and quantitative inputs, based on Cerulli’s proprietary research process. For more on our research process, click here.
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