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Date Published: February 2011
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 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.
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
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.
third draft of this report was published in 2005; that draft expanded
its focus on the dominant programs of the wirehouses and regional
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.
is Tiburon’s fifth draft of this report; this draft adds a key driving
factors chapter, fleshes out the market history of fee-account programs
(e.g., developments around the Merrill Lynch rule), and refines some of
the predictions. This draft also includes enhancements to the profiles
of some core Tiburon clients, including Advisor Software, DST Systems,
Dunham & Associates, Envestnet Asset Management, Fiserv,
Morningstar, My Vest, Northwestern Mutual Life, Russell Investment
Group, & SEI Investments.
Written by Tiburon Managing Principal Chip Roame, Senior Research Manager Pablo Perez, & Research Associate Madhu Subramanian.