Do all asset managers need a managed account capability?

As managed accounts continue to grow in Australia, media strategies need to be adapted for the model portfolio era

With managed accounts growing so dominant in Australia, as discussed in our previous article, a critical strategic question arises for asset management firms: Do we need to have our own managed account or model portfolio capability to stay relevant? In other words, should asset managers develop and offer managed account products (such as model portfolios or SMA versions of their strategies), or can they succeed by simply supplying traditional funds and relying on others’ models? The answer will vary by firm, but the industry trend suggests that many asset managers are indeed moving to establish managed account capabilities – and for good reason.

Firstly, having a managed account capability allows an asset manager to directly participate in the model portfolio value chain rather than just hoping to be included by someone else. Many forward-thinking managers have launched their own model portfolio services or SMA offerings on platforms. These can range from multi-asset model portfolios (essentially acting as an outsourced CIO for advisers, constructing entire portfolios of multiple funds or ETFs) to single-strategy SMAs (where the manager runs a discrete stock or bond portfolio in SMA format). By offering these, asset managers can market a ready-made solution to advisers who are looking for content for their managed accounts. For example, a fund manager known for Australian equities might create an SMA so that advisers can access that strategy as a model, potentially with some customisation or tax advantages versus the pooled fund. This has become quite common; platform data shows dozens of asset managers now feature on SMA menus. Insignia’s Expand platform alone hosts 64 SMA strategies from 12 different investment managers, including names like BlackRock, Ausbil, Pendal and Zenith. These managers clearly see the need to be present in managed account format to capture adviser interest.

From a distribution perspective, model portfolios are becoming a key way for asset managers to distribute ETFs and funds to advisers. Instead of selling individual funds, the manager curates a portfolio (often incorporating their funds or third-party funds) and offers that as a product. This aligns with adviser demand for holistic solutions. In Australia, we see not just global giants but local managers and specialist boutiques entering the fray. For instance, several Australian equity boutiques offer SMAs, and traditionally institution-focused managers have rolled out adviser-friendly model portfolios. The rationale is simple: if nearly half of new adviser inflows are going into managed accounts, managers want a vehicle to capture those flows. Relying on being picked for someone else’s model is uncertain; having your own model product means you can directly promote it to advisers and platforms.

However, launching a managed account capability is not trivial, and the question “Do all managers need one?” invites a nuanced answer. There are costs and considerations involved. Developing model portfolios requires investment expertise across asset classes (for multi-asset models) and the resources to manage those portfolios continuously. Not every asset manager has the breadth or desire to become a multi-asset model provider. Some firms may choose to specialise only in their niche and partner with other model providers rather than create their own. Additionally, running an SMA or model portfolio means operational overhead: you need platform agreements, perhaps additional licensing (for MDAs), and you assume a level of fiduciary responsibility for the portfolio outcomes. Asset managers must assess whether they have the scale to justify this. Large managers with broad capabilities and strong brands likely do benefit from a managed account offering – it can reinforce their brand with advisers and give them a bigger footprint in the advice market. Smaller managers might decide to focus on being the best at their specific strategy and ensure that strategy is accessible to model builders (via ratings, platform availability, etc.), rather than running whole portfolios themselves.

For many asset managers, the middle ground is to collaborate or co-create managed account solutions. We see examples where an asset manager partners with a consultant or platform to provide an element of a model portfolio. A manager might provide model asset allocation input for a platform’s white-label solution, or a few key funds that a platform then combines into multi-manager models. This way the manager contributes to managed accounts without shouldering the entire burden. Another route is offering model guidance, such as publishing model portfolios as a free resource that use the manager’s funds (a marketing play hoping advisers adopt that model). There is also the question of differentiation: if every asset manager launches similar model portfolios, advisers could be overwhelmed. Managers need to articulate what’s unique about their managed account offering.

Despite these nuances, the momentum is clearly toward asset managers developing managed account capabilities. The growth of platform-sponsored model hubs and manager menus encourages this. Platforms like HUB24 and Netwealth actively court asset managers to list SMA strategies, because a richer menu attracts more advisers. For example, Insignia grew its managed account FUM over 50% in one year to $9+ billion by expanding available manager options and even allowing advice licensees to create bespoke SMAs. Asset managers who were early to the SMA game are reaping rewards as these platforms grow   their strategies. Meanwhile, managers who lack any managed account presence risk being invisible to a large segment of the adviser market that primarily looks at model offerings.

In conclusion, while not every asset manager absolutely must launch their own managed account products, having some managed account strategy is rapidly becoming the norm. At minimum, asset managers need to ensure their flagship strategies are “model-ready” – meaning available on key platforms and supported by data or sleeves that model providers require. Many will find it advantageous to go further and offer complete model solutions to advisers, especially if they have the resources to do it well. The key is for each firm to evaluate where it fits in this new ecosystem: either supply ingredients to other people’s recipes or offer your own recipe. What’s clear is that doing nothing and ignoring the managed account trend is increasingly not an option. Asset managers must adapt their capabilities to remain connected to advisers in the model portfolio era, whether through collaboration, product innovation, or both.

How marketers should adapt

The shift toward managed accounts doesn’t just change distribution tactics; it fundamentally alters how asset management marketers need to communicate and engage with their target audience. With advisers’ behaviour evolving and new decision-makers in the mix, marketing strategies that worked in the past may fall flat today. As marketing professionals in asset management, we must adapt on multiple fronts: audience targeting, messaging, content and the value propositions we highlight. Below are several ways in which marketers should adjust their approach in light of managed accounts.

1. Target the new influencers: As discussed, many advisers now defer investment selection to model portfolio committees, research consultants or platform teams. Marketers therefore need to broaden the target audience beyond individual advisers to include these central influencers. This might mean building relationships and communication channels with research house analysts, asset consultants and dealer group investment heads. For instance, if a major advice licensee’s CIO and research team determine which funds go into the approved model, a marketer’s job is to ensure that team is fully aware of their asset manager’s capabilities, research and track record. Marketing collateral may need to be repurposed for a more institutional audience, focusing on rigorous data, risk management processes and how the strategy can fit into a broader portfolio. Essentially, B2B marketing in asset management is becoming more like institutional marketing, given the institutional-like due diligence process for models. Marketers should also consider events or forums where these influencers gather and ensure presence there. It’s no longer sufficient to only market to advisers; the ecosystem of decision-makers is wider.

2. Adjust messaging to emphasise solutions and fit: In a model-centric world, the marketing message needs to shift from product-centric to solution-centric. Advisers care less about the nuances of a single fund’s strategy and more about how an offering helps solve their overall needs – be it filling a role in a model portfolio, improving client outcomes or saving time. Marketers should position their products in the context of model portfolios. For example, instead of pitching “our Global Equity Fund has XYZ strategy,” frame it as “our strategy can serve as the global equity sleeve in a diversified portfolio, delivering consistency and downside management that model portfolio providers and advisers can rely on.” Highlight how your product integrates into a broader allocation. If your firm offers a managed account or model portfolio, then the message is outright about the solution (e.g. “Complete multi-asset income solution for retirees, available via managed account”). Even if you don’t offer a full model, emphasise traits that model selectors seek: consistent performance, low correlation to other assets, cost-effectiveness and ease of access. For example, knowing that 50% of advisers prioritise performance and that platform availability is the second-highest factor, marketing materials should underline a strategy’s strong track record and note that it’s accessible on major platforms. The tone should be more consultative: acknowledging the adviser’s need for efficiency and demonstrating how the manager’s offerings align with that need.

3. Provide thought leadership on portfolio construction: One way to stay relevant with advisers (even if they’re not picking funds individually) is to become a thought partner on the topics they care about, namely portfolio construction, market outlooks and practice management. Marketers should funnel more effort into content that is educational and speaks to the model portfolio approach. For instance, creating whitepapers or webinars on “Best practices for implementing managed accounts” or “Optimising model portfolios in volatile markets” can engage advisers and position the firm as a leader in this space. Even if such content does not pitch products directly, it builds brand trust and keeps the firm top of mind. Including case studies or examples of how an adviser improved their practice by using a certain portfolio solution can resonate strongly. Additionally, marketers can leverage data and insights (perhaps from the firm’s own experience or external research) to provide value. For example, sharing stats like “Advisers using model X saw a 10% improvement in client The key is to engage in the conversation about model portfolios at a strategic level, not just push products. This builds credibility with both advisers and the model gatekeepers.

4. Emphasise adviser practice benefits: In marketing communications, it’s effective to tie the value of your product or solution to the benefits for the adviser’s practice and clients, not just the investment merits. We know that advisers are motivated by efficiency and client satisfaction. So marketing should reinforce messages like: “Using our [fund/strategy/model] can help streamline your advice business,” or “This solution can save you time while delivering reliable outcomes for your clients.” Back it up with evidence where possible (for example, if your strategy is available as an SMA, mention that it can save advisers administrative time). If your firm offers tools or support services alongside the investment (such as portfolio analytics, client-ready reports or training for advisers’ teams), make that a prominent part of the marketing message. In essence, market the total value proposition: not just alpha, but how you help the adviser run a better business. This approach aligns the marketing message with the core reasons advisers are embracing managed accounts (efficiency and better service). It also differentiates your communications in a crowded market – many asset managers market performance, but fewer speak to making the adviser’s life easier. In the current era, that’s a compelling angle.

5. Tailor content format to changing consumption habits: As advisers become busier, marketers should adapt the format of content to be shorter, crisper and more digital. There is growing evidence that advisers favour bite-sized content such as short videos, infographics or brief bulletins that they can consume on the go. Marketing teams should therefore invest in creating succinct explainer videos, quick-read blog posts and interactive tools (like portfolio simulators or quizzes) that grab attention without demanding too much time. Of course, this must be balanced with compliance, which can be a hurdle to fast content in financial services. Still, finding creative ways within regulatory limits to deliver your message quickly will help ensure it is actually heard. Also, consider personalisation of content: with data, marketers can tailor messages to advisers based on their profile (for instance, different content streams for those already using managed accounts vs. those yet to adopt). Personalised email campaigns that acknowledge an adviser’s context (“We know you value managed account efficiency – here’s a case study you’d appreciate…”) can improve engagement significantly.

In adapting to all the above, marketers should maintain a strategic, professional tone that resonates with an audience of financially savvy advisers and decision-makers. The language should shift slightly from selling a product to partnering in a solution. Phrases like “we can help you deliver…” or “supporting your model portfolio needs by providing…” signal that the asset manager understands the adviser’s perspective. Internally, marketing and sales teams may also need to collaborate more closely. Marketing can equip sales/BD teams with targeted collateral for model portfolio gatekeepers, and conversely sales can inform marketing about the real-world objections or questions coming from these new influencers so that marketing messages can address them.

In summary, marketing in the age of managed accounts requires a more nuanced and multi-pronged approach. You are marketing to a changed adviser – one who cares about efficiency and models – as well as to new quasi-institutional audiences. The focus shifts to solutions, practice benefits and education. Content must be sharper and more targeted. By adapting in these ways, asset management marketers can continue to drive engagement and loyalty even as the ground shifts beneath them. Those who fail to adapt risk seeing their traditional marketing efforts yield diminishing returns in the model-driven advisory landscape.

Media strategy in a model-driven world

Alongside changes in messaging and audience targeting, asset managers must also re-evaluate their media strategy in light of centralised portfolio management trends. Reaching and influencing the right people, whether they are advisers or model portfolio decision-makers, may require new channels, tactics and timing. A model-driven world calls for a media strategy that is more precise, data-driven and aligned with the adviser’s workflow than ever before. Here are key considerations for crafting an effective media strategy under these new conditions:

1. Precision targeting over mass reach: In the past, asset managers often aimed for broad reach among the 16,000+ advisers via print magazines, mass email blasts and large-scale event sponsorships. Now, with adviser numbers reduced and influence concentrated, precision is far more important than sheer volume. Media planning should focus on identifying high-value segments – for example, the top 100 dealer groups, the research teams at major licensees or the 5,000 advisers already using a certain platform – and tailoring campaigns to them. Digital advertising allows for this kind of targeting: using programmatic ads or LinkedIn targeting to reach users by role or by known affiliations. If an asset manager knows that a particular licensee’s model portfolios are critical to access, the media strategy might involve an account-based marketing (ABM) approach for that licensee   such as targeted content, direct mail of thought leadership, or bespoke events just for their advisers. The era of spraying one generic message and praying it reaches the right eyes is over. Data is key: leveraging industry databases, platform user lists or publication subscriber info to narrow down the audience for each campaign will improve impact. For example, if launching a new SMA, target communications to advisers already familiar with SMAs or known to be on platforms where the SMA is available, rather than every adviser in general.

2. Leverage specialist and digital channels: When aiming to influence model portfolio gatekeepers and engaged advisers, certain channels will punch above their weight. Specialist industry media and forums (both trade publications and online communities) become crucial. Publications like Professional Planner, IFA, Financial Standard and Money Management often have dedicated readerships among advisers and licensee executives. A well-placed article or sponsored content piece on managed account trends in these outlets can attract exactly the audience you need. Additionally, consider publications or sections focused on practice management or dealer group news, as they may be frequented by decision-makers. Beyond traditional media, webinars and virtual events have grown in popularity, accelerated by recent years’ remote working trend. Hosting a webinar on “Best practices in model portfolios” with a respected guest (perhaps a prominent advice firm CIO) and promoting it through email and LinkedIn can draw in both advisers and those overseeing models. The interactive nature of webinars also allows you to collect leads and engage in Q&A, subtly promoting your expertise.

Social media (especially LinkedIn) is another powerful channel for thought leadership distribution. Many advisers and research professionals in wealth management maintain an active LinkedIn presence for industry insights. Marketers can use LinkedIn not just for ads but for organic reach by posting regular insights, short videos or infographics about managed accounts and tagging relevant industry hashtags. This establishes the firm’s experts as voices in the conversation. Over time, when those decision-makers think about portfolio solutions, they’ll recall the useful LinkedIn post or article from your firm. In a model-driven world, timing is also a media consideration, because model portfolio reviews might happen quarterly or semi-annually at licensee firms. Aligning campaigns or PR around those cycles could increase the chance of getting noticed and considered.

3. Integrate educational content with advertising: Pure product advertising in isolation may be less persuasive now; instead, a blend of content marketing and targeted advertising can work effectively. For example, an asset manager could run a series of educational advertorials or downloadable guides (hosted on an industry website) about implementing managed accounts, which naturally weave in the firm’s philosophy or capabilities. These can be promoted via banner ads or eDMs saying “Free Guide: Scaling Your Advice Practice with Model Portfolios.” Advisers or execs who click are then presented with valuable content that also highlights the manager’s solution subtly. This not only generates leads but positions the firm as a partner in the shift to managed accounts, rather than just another product peddler. We’ve seen that advisers respond well to practical insights, so even advertising can be framed to offer insight first, product second. Webcast sponsorships, podcasts and video interviews are other media formats to consider. For instance, sponsoring a podcast series on “The Future of Advice” where one episode focuses on managed accounts could align your brand with that narrative.

The media strategy should ensure that the messaging remains consistent across channels. If your key message is about “marketing for the model portfolio era” or “efficiency and performance in one solution,” that tagline or theme should echo in adverts, content, social posts and events. Consistency helps reinforce the positioning. But you can tailor the depth: a banner ad might just say “Managed Accounts: New Research Inside” leading to a detailed whitepaper for those who want to dive in. Track engagement closely; digital channels allow detailed analytics. See which segments are downloading content or attending events, and refine your targeting accordingly. Perhaps you find that independent advisers in a certain state are most engaged – you might then allocate more budget to media channels popular in that region or run a localised event.

4. Don’t neglect the adviser-client communication angle: An interesting facet of media strategy now is that advisers themselves need content to communicate the benefits of managed accounts to their end clients. Some forward-thinking asset managers provide marketing collateral that advisers can pass on to clients (e.g., explainer videos or brochures about how the managed account works and its benefits like transparency and agility). While this is more of a support function, it can be part of the marketing toolkit. If your firm offers a model portfolio, supplying advisers with client-friendly content can make them more comfortable adopting your solution. This indirectly influences adviser uptake. In terms of media, this could mean placing ads or articles in adviser-facing media that highlight available client communication support (“Offer your clients clarity – we provide the tools to explain our managed portfolios”). It’s a slightly meta level of marketing but speaks to an adviser pain point: communicating the why of the model to clients. By addressing it, you make your offering more attractive.

5. Embrace measurement and flexibility: Because the landscape is changing quickly, asset managers should treat their media strategy as an evolving plan that can be tweaked as results come in. With clear KPIs, marketers can assess what’s working. Perhaps LinkedIn ads are driving a lot of clicks from principals of advice firms, but an industry newsletter sponsorship is not yielding much – such insights allow reallocation of budget swiftly. One advantage of a specialist media agency is access to benchmarking data: for instance, understanding how peers allocate media spend or which publications drive the most adviser traffic. Use those insights to continuously refine. The media strategy in a model-driven world should be agile. If a big platform announces a new feature or a regulatory change is announced, be ready to spin up timely content or ads addressing it, which again ties your brand to current adviser concerns.

In conclusion, media strategy for asset managers must align with the targeted, solution-oriented approach of the overall marketing strategy. It’s about hitting the right eyes and ears, not just the most. By focusing on precision targeting, leveraging the trust of specialist channels, integrating useful content and staying adaptable, asset managers can effectively reach the advisers and model portfolio influencers that matter. In a world where model portfolios drive decisions, adopting a smart media strategy ensures your message doesn’t get lost in the shuffle – instead, it finds the key players and engages them with the right content at the right time.

Conclusion: marketing for the model portfolio era

The ascent of managed accounts in Australia marks a new era for asset managers and it calls for a commensurate evolution in marketing strategy. We have seen that managed accounts are no longer a fringe concept but a dominant force, commanding a large (and growing) share of adviser attention and client assets. Advisers have embraced model portfolios to drive efficiency and consistency, fundamentally changing how investment decisions are made. Asset managers that recognise this shift are adapting their distribution approaches, product offerings and marketing playbooks accordingly. Those that do not risk being left behind, as old channels and messages lose relevance in the face of centralised portfolio construction.

For marketing professionals at asset management firms, the task ahead is both challenging and exciting. The fundamentals of good marketing – understanding your audience and meeting their needs – still apply, but the audience itself has changed. Today’s adviser is looking for partners in practice efficiency and portfolio outcomes, not just product providers. Meanwhile, new influencers like research consultants and platform teams have emerged as crucial audience segments. Effective marketing in this climate means crafting clear, solution-oriented messages and delivering them through strategic channels that align with advisers’ modern workflows.

Marketers must champion their firm’s adaptability: highlighting how their asset management brand adds value in a managed account ecosystem, whether through top-notch strategies that fit well in models, innovative model portfolio offerings, or thought leadership that guides advisers through change. The marketing narrative should acknowledge the adviser’s journey and offer a compelling reason why the asset manager should be part of the adviser’s toolkit in this new landscape.

Media and execution need to be sharper than ever. With fewer but more influential touchpoints, every impression counts. That’s why leveraging data, targeted media and perhaps the expertise of specialist partners can significantly boost marketing effectiveness. As we discussed, a refined media strategy can ensure your message about, say, “delivering reliable performance for model portfolios” hits the key decision-makers at the moments they are receptive, such as during model rebalancing seasons or on platforms where they actively seek insights. The marketing teams who lean into these tactics will likely see the payoff in brand visibility and inclusion in the conversations that matter (e.g., being considered for the next model lineup or invited to present to an advice firm’s investment committee).

In this model portfolio era, one might say that marketing itself needs to become more model-like: systematic, data-informed and centrally focused on delivering the desired outcome. Instead of one-size-fits-all outreach, it’s about constructing a portfolio of marketing activities (digital, content, events, direct engagement) that together create a cohesive strategy tailored to the environment. Just as a model portfolio is regularly reviewed and rebalanced, marketing plans should be continually assessed and fine-tuned based on feedback and results.

The rise of managed accounts in Australia is not just an operational or distribution shift for asset managers; it is a call to action for marketing innovation. By expanding our understanding of advisers’ evolving needs and by deploying clear, strategic communication, we can ensure that our asset management brands remain front-and-centre in a world where the decisions are more centralised. Yes, the playbook is changing: success will belong to those marketers who are proactive, knowledgeable and agile in response to these trends. By embracing the model portfolio era with the right marketing mindset and partners, asset managers can continue to grow and connect with advisers and investors in meaningful ways. In the end, those who effectively market their value within the new paradigm will not only survive the industry’s transformation, but they will thrive in it, securing a strong position in the portfolios (and minds) of the future.