Over the last 2-1/2 years, fee-based managed account assets have soared by $500 billion, and as their star continues to rise, experts say the sponsors that best consolidate their managed account operations to deliver a consistent and understandable message to advisers will reap the greatest rewards.

Unfortunately, a new study from the Boston-based research firm Cerulli Associates reveals, many managed account groups remain splintered units, typically forced to borrow services from elsewhere within the organization, or to seek help from outside vendors.

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