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MMI-Cerulli Q3 2023 Advisory Solutions

December 28, 2023

Managed Account Assets Dip Slightly in Q3 2023 to $10.5 Trillion – MMI-Cerulli Data

The Q3 2023 edition of MMI-Cerulli Advisory Solutions Quarterly, which provides statistics on the managed accounts industry as of September 30, 2023, is available for download. 

Managed account assets dropped 0.9% to $10.5 trillion in Q3 2023. Despite the slight dip in assets, year-over-year and two-year growth were positive, at 17.3% and 4.0%, respectively. Across all managed account product types, separate accounts (SMAs) were the only program type to post positive asset growth (3.9%) for the quarter, largely due to flows into dual contract programs. Total managed account industry net flows more than doubled in Q3 from the previous quarter to $245.2 billion, with SMAs leading the way at $143.8 billion in net flows.

Discretion Preferences: Experienced Advisors Reluctant to Relinquish Portfolio Management 
Despite a secular trend in wealth management toward a greater emphasis on comprehensive financial planning, this edition also looks at why experienced advisors are reluctant to outsource portfolio management. Despite managed account sponsors’ focus on providing better portfolio construction support for advisors and home-office discretionary platforms, many current advisors still view portfolio construction as key to their client value proposition. They might be surprised to learn that Cerulli research shows that just 30% of investors believe their individual advisors are best suited to portfolio management responsibilities. 

MMI-Cerulli Advisory Solutions Data Portal
The sponsor and manager dashboards on the MMI-Cerulli Advisory Solutions Data portal on Cerulli’s Lodestar platform have now been updated with the Q3 2023 data. As a reminder, MMI members that contribute their advisory solutions data to Cerulli on a quarterly basis have access to this online portal. It allows users to take a deeper dive into the MMI-Cerulli dataset – with the ability to sort, filter and export the data for business planning and presentation purposes.

Please contact:

  • with questions on the report, access to the online portal, or contributing data
  • for assistance accessing the Advisory Solutions Quarterly report