T. Rowe Price is bolstering its U.S. wealth-management team with more than 50 new client-facing roles, a move that comes as fresh research indicates many asset managers still misunderstand what financial advisors truly value from their distribution partners. The Baltimore-based firm said the additions will be housed within its U.S. Intermediaries unit, spanning field sales for broker-dealers and registered investment advisors, as well as specialized teams covering alternatives, exchange-traded funds, and model portfolios.
Kevin Collins, who leads the intermediaries business, framed the expansion as a response to the evolving pressures on advisors. “Financial advisors are operating in a rapidly changing marketplace,” he said in a statement. “They’re helping clients navigate more complex markets, extreme equity market concentration, and a dynamic interest rate environment, all against clients’ growing needs for more tailored wealth solutions.” The firm’s push builds on years of courting intermediaries, a shift from its historical reliance on no-load shares to a more wholesaler-driven approach, including securing spots on Schwab and Fidelity no-transaction-fee platforms favored by RIAs.
Two senior appointments anchor the effort, both reporting to Annie Brown, co-head of wealth management within the unit. Kevin Johnson, formerly head of platform distribution at Allspring Global Investments, joins as head of wealth research. With over three decades in the industry, Johnson will work with the manager research and discretionary model teams that decide which strategies reach advisor platforms. Ryan Bauer, the new head of RIA enterprise national accounts, will oversee the firm’s largest and most complex RIA relationships. Bauer arrives after 12 years at DWS Group, the asset management arm of Deutsche Bank.
T. Rowe Price says the enhanced support will extend to tax-optimized drawdown strategies, its Portfolio Construction Solutions service, and custom model portfolios. The firm also plans to deepen coverage for alternatives, separately managed accounts, actively managed ETFs, and practice management content. This initiative follows the launch of its first transparent active equity ETFs in 2023 and a reshuffling of its intermediaries channel leadership in 2024.
The timing aligns with findings from Cerulli Associates, whose latest U.S. Intermediary Distribution report suggests the broader industry may be aiming at the wrong targets. Cerulli found that 84% of advisors consider thought leadership important when choosing an asset management partner, while 76% weigh the quality of digital tools such as advisor portals. But a more striking gap emerged: 52% of distribution team members think advisors want business consulting and strategic growth advice, yet only 16% of advisors rank that as a priority. Instead, advisors want client-facing resources—client engagement strategies (37%), financial planning implementation support (29%), and behavioral finance coaching tools (27%).
“For asset managers, the most actionable opportunities are client-facing resources advisors can apply directly with clients,” said Andrew Blake, associate director at Cerulli. The research underscores a two-sided opportunity in advisor discretion. A separate Cerulli study of the managed accounts market found that rep-as-portfolio-manager programs hold $4.7 trillion, the most of any managed account type, while unified managed account programs, at $4.5 trillion, are expected to overtake them soon. Scott Smith, senior director at Cerulli, noted that while outsourcing investment management is a real trend, many advisors remain hesitant to give up portfolio discretion. “In this evolving landscape, asset managers must be prepared to support wealth managers in multiple capacities to gain marketshare and strengthen their position as strategic partners,” he said.
Asset managers are responding by explaining where their products fit in a portfolio, the most common step at 54.8% of firms. When asked about the most valuable resources they can offer, Cerulli survey respondents ranked thought leadership first (78.1%), followed by implementation guidance (65.6%) and practice management techniques (53.1%). T. Rowe Price’s expansion appears designed to address these priorities, though the firm faces competition from other asset managers also vying for advisor attention. As the wealth-management landscape evolves, the ability to provide tangible, client-ready support may become a key differentiator, as highlighted by recent moves like independent platforms adding $1.5B in assets via advisor team hires and advisors shifting focus to spending strategies.
