MMI-Cerulli Q2 2021 Advisory Solutions

MMI and Cerulli Associates announce the release of the Q2 2021 edition of Advisory Solutions Quarterly, which provides statistics on the managed accounts industry as of June 30, 2021. Managed account industry assets closed the second quarter at $9.9 trillion, and net flows grew for the fifth consecutive quarter to $256 billion. UMA and RPM programs remained the two most popular by net flows ($84.0 billion and $80.3 billion respectively), and attracted 64% of total managed account industry flows in the second quarter.


Back to the Future?
This edition also explores how consolidation and fee compression may spur an increase in proprietary assets, causing the industry to resemble the early days of managed accounts. Large sponsors are understandably reluctant to increase client-facing advice or financial planning fees, so many have turned to proprietary products to increase profitability and control a greater share of the managed account ecosystem. Recent merger and acquisition activity has, in many cases, allowed sponsor firms to use the asset managers they acquired as quasi-proprietary products, further contributing to this increase.

MMI-Cerulli Advisory Solutions Data Portal Updated
The MMI-Cerulli Advisory Solutions Data portal on Cerulli’s Lodestar platform has also been updated with Q2 2021 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 reach out if we can be of any help.

  • Accessing the Advisory Solutions Quarterly report – call (646) 868-8500 or email
  • Questions on the report, access to the online portal, or contributing data – email