Report

U.S. Managed Accounts 2020

The Evolving Landscape of Advisor Discretion

Strengthen and Scale Advisory Solutions

  • Understand the top priorities for asset managers and managed account sponsors
  • Analyze client fees across platform types and distribution channels
  • Explore a detailed analysis of the current state of platform consolidation
  • Review the effects of the COVID-19 market correction on flows into managed accounts
  • Gain insight into the levels of portfolio construction and technology spending

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Report US Managed Accounts 2020 Detail

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Jeremy Fodaski

Jeremy Fodaski

Account Manager

Summary

In this report, Cerulli examines the state of managed accounts, including the size of the market, growth potential for the next three years, relative marketshare of the top distributors and asset managers, and the breakdown of the market by program type (unified managed accounts, mutual fund/exchange-traded fund advisory accounts, etc.), trends in fees, and patterns of advisor use of managed accounts.

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A Note from the Author

Are Sponsors Pausing on Unified Advisory Platform Initiatives?

Tom O'Shea, CFA

Tom O'Shea, CFA

Research Director

Bio →

Tom O'Shea, CFA

Tom O'Shea, CFA

Research Director

Tom has over 20 years of experience in the financial services industry. Prior to joining Cerulli, Tom was an Investment Product Manager at Fidelity’s Global Asset Allocation Division, where he played a leadership role in the ongoing development of Fidelity Personalized Portfolios, Fidelity’s Unified Managed Account (UMA) for retail customers. He also led the investment managers in creating the Breckenridge Municipal Portfolio, Fidelity’s first separate account for consumers managed by a third party. Before working on the retail side of Fidelity, Tom built and led the team that developed Fidelity’s Separate Account Network for registered investment advisors (RIAs), and his group partnered with a third party wrap sponsor to create Managed Account Resources, a UMA platform for RIAs.

Tom began his career in high tech, working in sales, business development, and product management at a number of software firms, including Lotus Development Corporation.

Full biography here.

The SEC’s Regulation Best Interest (BI) has caused senior leaders at wealth management firms to direct their attention away from other initiatives, just as the DOL Conflict of Interest Rule did in 2017. Half (50%) of managed account sponsors now rate compliance concerns as a top initiative. This, coupled with the fallout from the COVID-19 pandemic, has caused managed account sponsors to hit the pause button on the buildout of unified advisory platforms.

Evaluate the implications of this business shift and retool your approach to this market with Cerulli’s latest report, U.S. Managed Accounts 2020: The Evolving Landscape of Advisor Discretion.

This report covers:

  • Changes sponsors expect to make to managed account platforms
  • The rising importance of environmental, social, and governance (ESG) solutions across sponsors and managers
  • Anticipated changes in both managed accounts and the investment vehicles used within them

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