Asset management firms are realigning their RIA engagement strategies, increasingly directing their efforts toward the largest RIAs and aggregator groups as consolidation in the advisory landscape accelerates.
The study from FUSE Research Network - Covering RIAs: How Aggregators Are Changing Firms’ Strategy - reveals that asset managers now dedicate a substantial portion of their RIA coverage resources to aggregators and mega-size advisory firms. Presently, these large entities account for 37% of all RIA-focused coverage time, highlighting a strategic pivot toward where scale and influence are greatest.
Importantly, the report highlights that aggregators control nearly half of total RIA assets, a shift that has reverberated through asset managers’ organisational structures and resource allocation. With aggregators growing at a pace that outstrips the broader RIA universe, the study suggests that coverage emphasis on these firms is likely to increase further.
Larger asset management organisations are already adapting, with 63% of their RIA-specific time spent on aggregator relationships. In contrast, smaller asset managers remain more engaged with boutique RIAs, a cohort that still offers meaningful opportunities through traditional wholesaling and less centralized decision processes.
“The current 37% time allocation already underscores how critical aggregators have become to asset managers’ RIA initiatives,” said Loren Fox, director of Research at FUSE Research Network. “But given that aggregators now represent 49% of RIA assets - and continue to grow faster than the rest of the market - we expect that share of time to rise meaningfully. Firms need to differentiate their coverage based on resources and likely opportunities.”
The report frames these developments as part of a broader trend in which aggregator firms increasingly resemble institutional investors, with centralised home-office decision-making and sophisticated operational frameworks. This evolution is pushing asset managers to combine national accounts strategies with dedicated RIA wholesaling to match the demands of larger advisory platforms.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
