Report

U.S. Asset Allocation Model Portfolios 2022

Model Customization and Tax Optimization

Define Future Asset Allocation Model Portfolio Opportunities

  • Gain a deeper understanding of the modifier persona for asset allocation model portfolio users
  • Explore the operational infrastructure that facilitates model portfolio functionality
  • Learn about fees associated with managed accounts, model portfolios, and investment products
  • Evaluate how model providers are offering customized solutions for model portfolios

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Report US Asset Allocation Model Port 2020 Detail

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Ryan Hanratty

Ryan Hanratty

Account Manager

Summary

Advisors are increasingly looking for assistance when it comes to portfolio construction, either through resources provided by their own firm or through assistance from asset managers and third-party strategists. Demand for these services can be expected to increase as more managed account sponsors propose advisors spend less time on portfolio construction and more time on goals-based planning and client acquisition. Use this report to define and size the current and future opportunity in the asset allocation model portfolio landscape, including a review of the perspectives of the financial advisors, model marketplaces, and model providers.

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A Note from the Authors

Responding to Demand for Custom Model Portfolios

Matt Apkarian, CFA

Matt Apkarian, CFA

Associate Director

Bio →

Matt Apkarian, CFA

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.

Brendan Powers, CFA

Brendan Powers, CFA

Director

Bio →

Brendan Powers, CFA

Brendan Powers, CFA

Director

Brendan 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 retail and institutional channels.

Prior to joining Cerulli, Brendan worked as a Senior Client Associate at Eaton Vance Management, focusing primarily on the firm’s exchange funds.

Full biography here.

As model portfolios continue to gain traction in use by financial advisors, the demands from broker/dealer (B/D) home offices and individual registered investment advisor (RIA) practices for a customized product are beginning to increase. Understanding the needs of these clients will be crucial for model providers to know as they look to enhance their capabilities and move custom model portfolios downmarket.

For individual RIAs, the top type of custom model requests being made to model providers is for tax awareness. Overall, 20% of model providers receive many requests, while 60% receive at least some requests. Other top requests from individual RIAs include substitution of investment vehicles and substitution of investment tickers or managers. One-third (33%) of model providers report receiving many requests for ticker or manager substitution.

Broker/dealer home offices have similar demands when it comes to custom models—investment vehicle substitution (71%) and tax awareness (64%) are two of the most frequent requests. Nearly half of model providers also report receiving requests from B/D home offices for thematic tilts and changes to investment architecture.

Cerulli believes custom models represent not only an opportunity for model providers, but also something that will be necessary to retain and grow model assets going forward. Understand what this means for your firm in Cerulli’s latest report, U.S. Asset Allocation Model Portfolios 2022: Model Customization and Tax Optimization.

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