As the demand for detailed product information increases—along with the use of alternative investments and the shift in advisors’ investment preferences—the role of the product specialist has become essential. Asset managers that lack this type of role in their structure risk losing competitive advantage to those that do have it, according to international consultancy Cerulli in its latest report, The Cerulli Report—U.S. Intermediary Distribution 2025.
The product specialist has become an important secondary relationship as asset managers expand their distribution. Maintaining the engagement of financial advisors has become a significant challenge for asset managers of all sizes and across all product lines, the report adds.
The research reveals that the ability to discuss competitive product information (40%), communicate complex investment topics (38%), and demonstrate deep knowledge of capital markets (31%) are some of the most valuable skills a product specialist can offer.
“Wholesalers often stand out for being accessible to advisors, providing strong support for client events, and building close personal relationships,” said Andrew Blake, Associate Director at Cerulli. “Product specialists stand out in different ways, and the capabilities that advisors value in them strongly complement those of wholesalers, offering a prime opportunity for successful partnership between the two,” he added.
As the demand for detailed product information across all types of investments—especially alternatives—continues to grow, asset managers must prioritize integrating dedicated product specialists into their teams.
Currently, among firms offering alternative investments, more than half (54%) use a strategy that combines a generalist wholesaler with product specialists focused on advisors.
Just over a quarter (26%) rely solely on a generalist wholesaler, while an additional 15% use only a wholesaler specialized in alternative investments.
Asset managers can ensure they remain at the forefront of client service excellence by dedicating more resources and adopting targeted coverage strategies by practice area, the Boston-based consultancy adds.
“With 79% of top-tier asset managers using advisor-focused product specialists, firms that fail to leverage this role to drive their distribution efforts may be perceived as lagging in client service quality,” noted Blake.
“Wholesalers who collaborate with product specialists can strengthen their relationships with advisors by demonstrating exceptional performance and a commitment to client satisfaction. These strategies not only help address existing concerns, but also foster trust and long-term loyalty among advisors—ultimately contributing to a more resilient and collaborative investment environment,” he concluded.
