Consultants target foothold in fast-growing retail market
Updated with correction
Traditional and alternative investment consulting firms increasingly are diversifying their predominantly institutional client bases to tap even further into the faster-growing retail marketplace.
Industry observers said a cadre of consultants are seeking to offer their standard services — including portfolio construction, asset allocation, manager selection, due diligence and outcome-oriented strategies managed with and without discretion — to financial intermediaries including wealth managers, retail investment advisers, family offices, broker-dealers and money managers.
Among the investment consultants working with financial intermediaries to various degrees and/or have launched their own retail funds include Cliffwater LLC; Mercer; Russell Investments; StepStone Group Inc.; and Wilshire Advisors LLC.