Changes in the industry confront asset managers on several fronts. Alternatives have gained in popularity, shunting aside traditional core assets. Regulators seek to broaden their scope, demanding access to more data. And technology spurs industry innovation, providing new investment vehicles and strategies, new ways to promote and distribute products, while also ushering in new security threats.

Michael Rawson, an analyst covering passive strategies on Morningstar's manager research team, shares his expectations on the outcomes these industry shifts will bring, including a lowering of fees, a move away from selling performance and greater focus on suitability for the individual investor.

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