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
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.
With more than 20 years of financial services industry experience, Scott leads Cerulli’s research efforts focused on investor behavior and advisory relationships. In his time at Cerulli, he has authored more than two dozen in-depth reports on topics ranging from wholesale distribution to digital advice platforms. His research helps Cerulli’s clients understand how to optimize their platforms given the evolving demand for financial advice.
Scott started his career wearing a headset at Putnam Investments’ service center in 1996, before moving to more strategic roles at MFS Investment Management starting in 2000, and then to Cerulli in 2007. In addition, he currently serves as member of the CFP Board’s Digital Advice Working Group, and as a judge for the wealthmanagement.com Industry Awards.
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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