Managed Account Programs:
Rapid Growth & the Re-Emergence of Centralized Programs

Recently Released!!!
Date Published: May 3, 2017
Summary Power Point Deck: 80 Slides
Reference Power Point Deck: 1,337 Slides

The purpose of this research is to provide readers with a comprehensive understanding of managed account programs, including separately managed account (SMA) programs, mutual fund wrap account programs, exchange traded fund (ETF) wrap account programs, & unified managed account (UMA) programs, as well as rep as portfolio manager and rep as advisor programs. No individual trend across the financial advisor channels is as profound as the shift away from commission brokerage towards these six types of managed account programs. This comprehensive research includes a detailed history, statistics on the leading programs, details of each program type, highlights of each distribution channel, and predictions for the future. This research is part of Tiburon's broader coverage of financial products & services. Another Tiburon research topic more narrowly addresses financial advisor turnkey asset management programs (FA TAMPs).

This research outlines key historical phases, including:

    • Slow Growth Phase
    • Explosive Growth Phase
    • Financial Advisor Programs Dominance Phase
    • Centralized Programs Re-Emergence Phase

This research addresses core managed account program types, including:

  • Separately Managed Account (SMA) Programs
  • Mutual Fund Wrap Account Programs
  • Exchange Traded Fund (ETF) Wrap Account Programs
  • Unified Managed Account (UMA) Programs
  • Rep as Portfolio Manager Programs
  • Rep as Advisor Programs

This research defines key markets & distribution channels for managed account programs, including:

  • Wirehouses & Regional Brokerage Firms
  • Independent Advisors
  • Retail Banks
  • Other Financial Advisor Channels

And this research makes several predictions for managed account programs, including:

  • Substantial Growth for Managed Account Programs
  • Emergence of Rep as Portfolio Manager & Rep as Advisor Program Benchmarking
  • Re-Emergence of Centralized Programs
  • Potentially New Pricing Models
  • International Opportunities
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