Asset managers can strengthen distribution relationships by providing portfolio guidance, implementation support, and advisor education
Access timely insights into trends within the managed accounts industry based on Cerulli’s Quarterly Managed Accounts Survey. Access the full report here.
October 14, 2026, BOSTON—As more financial advisors have outsourced investment management and embraced the role of holistic wealth managers, many remain committed to managing client portfolios directly, creating opportunities for asset managers to deliver value outside of just product, according to the latest Cerulli Edge—U.S. Managed Accounts Edition.
As of 2Q 2026, rep-as-portfolio-manager programs remain the largest managed account program type ($4.7 trillion), and while Cerulli expects unified managed account programs ($4.5 trillion) to overtake them in assets in the near future, the number of advisors who view portfolio management as their core competency remains significant.
“While outsourced investment management continues to expand, many advisors remain reluctant to relinquish portfolio discretion. In this evolving landscape, asset managers must be prepared to support wealth managers in multiple capacities to gain marketshare and strengthen their position as strategic partners,” says Scott Smith, senior director.
When asked what steps they have taken to respond to greater advisor discretion, asset managers most commonly cite creating programs that explain the role of the firm’s products within a portfolio (54.8%). For discretionary advisors, these resources deliver practical guidance while keeping asset managers top of mind when advisors construct client portfolios.
Cerulli also finds thought leadership (78.1%), information on how to implement investment solutions (65.6%), and practice management techniques (53.1%) rank as the top-three most valuable resources that asset managers can provide to home offices and advisors.
Ultimately, asset managers that view themselves as partners to advisors, offering guidance, support, and expertise rather than simply touting the performance of their investment products, will be better positioned to win advisor trust and strengthen distribution relationships.
“Asset managers should be prepared to support both discretionary advisors seeking portfolio construction resources and home offices aiming to limit advisor discretion,” says Smith. “Nimble asset managers that recognize this dual opportunity and tailor their resources accordingly will be best positioned to strengthen distribution relationships and capture growth,” he concludes.
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Headquartered in Boston, Cerulli Associates is an international research and consulting firm that provides financial institutions with guidance in strategic positioning and new business development. Our analysts blend industry knowledge, original research, and data analysis to bring perspective to current market conditions and forecasts for future developments.
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