U.S. Intermediary Distribution 2023

Seeking Differentiation Through Digital Engagement

Maximize Product Distribution Through Financial Advisors

  • Examine practice management, portfolio construction, and other “value-add” resources provided by asset managers to advisors
  • Understand the evolving structures for strategic partnership costs between asset managers and intermediaries
  • Explore changing client service models and post-meeting communications between wholesalers and advisors
  • Review comprehensive data on advisor portfolio construction practices and product use trends
  • Strengthen advisor and distributor relationships


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Jeremy Fodaski

Jeremy Fodaski

Senior Account Manager


A sourcebook for asset managers seeking to maximize product distribution through intermediaries across all channels in the U.S., this annual report focuses on the distribution of investment products through financial advisors. This report includes 10 years of market sizing of advisor-controlled assets by channel, rankings of the industry’s largest distributors, and forward-looking projections of marketshare by channel.

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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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A Note from the Author

How Can Distribution Teams Cut Through Digital Noise?

Andrew Blake

Andrew Blake

Associate Director

Bio →

Andrew Blake

Andrew Blake

Associate Director

Andrew is a member of Cerulli’s Wealth Management practice, leading coverage of asset manager distribution strategy for products sold through financial advisors. With a focus on the wealth management landscape, Andrew assesses trends related to advisor use of investment products as well as their relationships with clients and varying practice types.

Prior to joining Cerulli Associates, Andrew worked at John Hancock Investment Management and a Boston-area RIA. He has spent over a decade working with financial advisors and researching distribution best practices.

Full biography here.

No two financial advisor practices are the same and nor are their engagement preferences. Asset managers are experiencing varying levels of difficulty when it comes to digitally engaging advisors. Across all channels, high-net-worth (HNW)- and ultra-high-net (UHNW)-worth-focused teams remain notoriously difficult to penetrate—over half of distribution executives perceive advisors at family offices (67%), private bank/trust companies (64%), and wirehouse firms (59%) to be very difficult to digitally engage.

The growth of marketing campaigns centered around blast emails in addition to normal wholesaler activity has greatly increased the volume of touchpoints advisors are hit with daily, making it difficult to get noticed. Webinar/virtual meeting fatigue is also weighing heavily on financial advisors and across the industry—half of asset managers cite this as one of their biggest challenges related to digital engagement of advisors.

With the large volume of digital interactions advisors are offered daily, Cerulli recommends asset managers take a segmented approach to marketing and distribution, combining digital engagement with in-person meetings to breakthrough to high-conviction prospects. Our latest report, U.S. Intermediary Distribution 2023, explores the best tactics and tools managers should consider as they strive to win assets from different advisor channels.

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