Who is best to deliver advice? Broker Dealers and Private Banking firms clearly own the client relationship. Asset managers clearly own the product. A battle has been brewing over who should be doing portfolio construction. More mixed asset products (i.e. prepackaged portfolios, risk based funds, beyond your typical target date funds) and Multifactor strategies (smart Beta) have been entering the market in the past couple of years, and advisors and their clients are paying attention.
These funds can be very different in their view of risk, sector exposure, international / domestic tilts which can lead to varying outcomes.
It is naïve to avoid these strategies, but choose wisely.