U.S. Managed Accounts 2022
The Future of Personalized Portfolios
Strengthen and Scale Advisory Solutions
- Explore the ongoing theme of customization through direct indexing and how increased use of this investment style will impact managed account sponsors, asset managers, and third-party strategists
- Assess how managed account sponsors are prioritizing platform consolidation and how this impacts the industry
- Understand how advisors are using of managed accounts and how additional customization is allowing advisors to move managed accounts down-market
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This report dissects the managed account marketplace, providing key business metrics gleaned from Cerulli’s managed account database. It contains analysis and data critical to managed account asset managers and program sponsors, such as market sizing and growth projections, distribution dynamics, business practices, industry economics, proliferation of fee-based relationships among advisors and firms, developments in product design and delivery, channel-specific attributes, investor pricing, and program features. It also Cerulli tracks the growth of various managed account program types, such as rep-as-portfolio-manager (RPM), unified managed accounts (UMA), and rep-as-advisor (RA) programs.
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A Note from the Authors
The Outlook for Managed Accounts: Portfolio Construction Tools & Personalization
As an associate director, Matt plays a critical role in developing research across the retail financial services spectrum, including wealth management, managed accounts, and product development. Matt contributes to nine Cerulli reports across three research practices and manages The Cerulli Edge—U.S. Advisor quarterly publication.
Matt began his career in financial services at Eaton Vance investment management, serving in a variety of roles, ranging from shareholder services, to institutional marketing, and in competitive analysis seeking strategic distribution opportunities.
Full biography here.
Tom O'Shea, CFA
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.
Michael is an analyst in the Wealth Management practice at Cerulli, specifically working in Managed Accounts. He is a contributor to the U.S. Managed Accounts annual report and The Cerulli Edge series, providing quantitative and qualitative analyses. He also supports various consulting projects within the Wealth Management practice.
Prior to joining Cerulli Associates, Michael started his career as a financial analyst at Granite Telecommunications where he created quote proposals and developed special pricing analyses in response to customer needs.
Full biography here.
As managed account assets reach new highs—$10.7 trillion in assets—sponsors are setting their sights on new ways to empower advisors and opportunities for advanced portfolio customization through direct indexing. The majority (56%) of managed account sponsors will commit to providing portfolio construction resources. Sponsor firms realize that discretion is a powerful tool for advisors. Instead of trying to take it away from advisors who underperform, they are instead giving their advisors tools to be better portfolio managers.
Simultaneously, nearly all managed account sponsor firms plan to increase their direct indexing and separately managed accounts (SMA) customization capabilities. Within the direct indexing sphere, sponsors are most interested in tax optimization (93%) and tax management (83%).
How direct indexing evolves beyond taxes and environmental, social, and governance (ESG) investing will depend on which target market the sponsor firm intends to prioritize. Regardless, we believe there is a large opportunity for asset managers to work with sponsor firms to discern their objectives and goals for direct indexing and help to tailor their solutions to meet those needs.
We encourage you to continue to explore these trends and more with our latest report, U.S. Managed Accounts 2022: The Future of Personalized Portfolios.
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