Cogent Syndicated

Contrary to expectations that third-party model portfolio use is accelerating, Cogent Syndicated is observing a slowing in adoption of model portfolios. Our research finds fewer advisors expect to increase their use of model portfolios compared with last year, as advisors are concerned they don’t deliver sufficient value for the money or aren’t sophisticated enough for more-affluent clients. Advisors express fewer concerns about SMAs for their high-net-worth (HNW) clients, fueling growth in the SMA and direct-indexing categories.

In this report, we’ll dive deeper into ways to better support the use of model portfolios for HNW clients and reveal which providers are succeeding in meeting the needs of HNW-focused advisors.

New This Year

What third-party model portfolio providers could offer to better support the use of model portfolios for HNW clients; ability to segment results by advisors focused on HNW clients; association with being “a leader in model portfolios”; use of portfolio construction consultation services


  • 400 financial advisors
  • Web-based survey conducted October–November 2023

Areas of Inquiry

Model Portfolios

  • Current and anticipated use of model portfolios
  • Unaided consideration of third-party model providers (asset managers or TAMPs)
  • Aided awareness of third-party model portfolio providers
  • Brand imagery association (e.g., offers portfolio construction tools that meet advisors' needs, is a leader in asset allocation)
  • Model provider penetration (usage)
  • Ways to better support the use of model portfolios when serving HNW clients

Separately Managed Accounts

  • Current and anticipated use of SMAs
  • Unaided consideration of SMA managers
  • Aided awareness of SMA managers
  • Penetration for SMA managers
  • Direct indexing use and brand awareness

Subscription Details

Publication Date: December 2023
Data Cuts Available:

  • Channel (National, Regional, Independent, Bank, RIA)
  • Advisor AUM
  • Advisor age
  • Heavy users of models provided by asset managers and other third-party providers

Investment: Contact Us

Advisor Use of Model Portfolios and SMAs_2023 Fact Sheet