Asset allocation model portfolios are gaining popularity in the U.S., and Canada may not be far behind. A recent report by Boston-based research firm Cerulli Associates Inc. predicts assets in these “full portfolio solutions” will rise to US$2.9-trillion by 2026 in the U.S.
“Clients go to financial advisors and they want more than just a retirement savings strategy,” he says, citing comprehensive financial plans, tax planning and estate planning as increasingly important services. While most model portfolios only include a company’s proprietary investment products, demand for “open-architecture” portfolios is growing as advisors want the ability to choose from a diversified set of asset managers, the report says. Cerulli found that “30 per cent of asset manager model providers plan to expand the use of non-proprietary investment options in models to meet the demands of advisors seeking open-architecture products.
For example, in the U.S., BlackRock offers a wide range of model portfolios advisors can use, including a growth and income portfolio produced in partnership with PIMCO. Others who have jumped into model portfolios include Capital Group Cos. Inc. and State Street Corp. Advisors are also seeing the value of outsourcing investment management, which allows them to provide more “holistic wealth” services to a growing number of clients, he adds.
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