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The purpose of this report is to provide readers with a comprehensive understanding of the packaged fee-account programs market, including both separately managed account programs and other fee-account programs. No individual trend across the financial advisor channels is as profound as the shift away from commission brokerage towards the eight types of fee-account programs: fee-based brokerage accounts, broker wrap accounts, mutual fund wrap accounts, annuity wrap accounts, ETF wrap accounts, multiple style portfolios, separately managed accounts, & unified managed accounts. This comprehensive report should serve as a bible for any existing or new participant in this market; it includes statistics on the leading players, details of each market segment, highlights of innovations in the four components of fee-account programs, & predictions for the future. This is the fifth draft of Tiburon’s research on this topic.

Tiburon’s first draft of this report was published in 2001; that draft consolidated prior Tiburon research into one report and was focused narrowly on the emergence of independent fee-account programs, now often called turnkey asset management programs (TAMPs). This was only an emerging segment at the time, and that draft sought to organize that emerging business.

Tiburon’s second draft of this report was published in 2002; that draft addressed the death of the business-to-consumer separately managed account programs that had arisen in the web craze of the late 1990s, and the rapid emergence of the new breed of platform-oriented turnkey asset management programs, led by Envestnet Asset Management and Advisor Port.

Tiburon’s third draft of this report was published in 2005; that draft expanded its focus on the dominant programs of the wirehouses and regional brokerage firms.

Tiburon’s fourth draft of this report was published in 2007; that draft put separately managed accounts and the other seven types of packaged fee-accounts into their proper context within the industry, namely alongside the other more traditional fee-based investment management services provided by fee-based financial advisors (RIAs) and bank trust officers. That draft also sought to offer a comparison of traditional separately managed account programs with the twin trends towards multiple style portfolios and unified managed account programs.

This is Tiburon’s fifth draft of this report; this draft better aligns this report’s structure with that of other Tiburon research reports, fleshes out the market history of fee-account programs (e.g., developments around the Merrill Lynch rule), and refines some other storyline points. This draft also includes enhancements to the profiles of some core Tiburon clients, including Advisor Software, DST Systems, Dunham & Associates, Envestnet Asset Management, Fiserv Corporation (Fiserv Investment Services), My Vest Corporation, Morningstar, Northwestern Mutual Life, Russell Investment Group, & SEI Investments.
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Written by Tiburon Managing Principal Chip Roame & Senior Research Manager Pablo Perez.