U.S. Managed Accounts 2025
Prioritizing Tax Optimization
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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Summary
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.
A Note from the Authors
Demand for Personalization Drives Growth for UMA and SMA Programs
Scott Smith
Senior Director
Bio →
Scott Smith
Senior Director
As the Senior Director of Advice Relationships, Scott leads Cerulli's coverage of fee-based managed accounts and investors' engagement preferences. With more than 25 years of wealth management experience, Scott adds valuable context and perspective in assisting Cerulli's clients with optimizing their advisors' and investors' platform experiences, given the evolving demand for financial advice.
During his tenure at Cerulli, Scott’s research and consulting work has covered the full spectrum of wealth management topics, from product development and wholesale distribution to portfolio management and comprehensive financial planning.
Full biography here.
Unified managed account (UMA) and separate managed account (SMA) programs have exhibited tremendous compound annual growth over the last five years, with annualized growth rates of 18.7% and 18.3%, respectively. This growth stems from a) managed account sponsors successfully consolidating disparate platforms into a unified offering, and b) rising demand for personalized portfolios and tax optimization.
Platform Consolidation: Confronting the Elephant in the Room
Managed account sponsors that have taken the consolidation plunge acknowledge the complexity and cost associated with the initiative; however, they are now reaping the gains. Though platform consolidation is inherently a complex and costly proposition, platform sponsors that have not agreed on a long-term strategy are delaying the inevitable. Those without sufficient internal resources to handle consolidation should promptly connect with both their current and prospective service providers to devise a path toward an enhanced advisor investing experience.
How and Where to Start?
For a complete overview of the managed accounts marketplace and insights into the growth of consolidated platforms, access The Cerulli Report—U.S. Managed Accounts 2025. View market sizing and growth projections, as well as a comprehensive analysis of distribution dynamics and the proliferation of fee-based relationships among advisors and firms.
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