Advisors want more control over clients' managed accounts, and such accounts increasingly tilt towards mutual funds. Judging from recent results, though, the combination of these trends might not be good news for clients.

"We view these fee-based accounts as long-term solutions," Sean Daly, an analyst at Boston-based research firm Cerulli Associates, told Financial Planning. "Our findings indicate that advisor-directed accounts may miss rallies, reducing long-term returns."

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