Product Specialists Key to Winning Advisor Engagement: Cerulli 

Engaging financial advisors has become a growing challenge for asset managers of all sizes and product lines, according to The Cerulli Report—U.S. Intermediary Distribution 2025. As advisors increasingly demand detailed product insights—particularly around alternative investments—the role of the product specialist has become critical to distribution success. Firms without them risk falling behind competitors that integrate the role into their sales strategy. 

Cerulli’s research highlights that product specialists provide essential value by discussing competitive product information (40%), communicating complex investment topics (38%), and demonstrating deep capital markets knowledge (31%). “Product specialists excel in different ways, and the capabilities that advisors value in product specialists strongly complement the capabilities of wholesalers, providing a prime opportunity for a successful wholesaler-product specialist partnership,” said Andrew Blake, associate director. 

The report notes that among firms offering alternatives, 54% use a generalist wholesaler supported by advisor-facing product specialists, while 26% rely solely on a generalist wholesaler and 15% use only an alternative-specific wholesaler. Importantly, 79% of Tier-I asset managers deploy advisor-facing product specialists, underscoring that firms without them risk being “perceived as lagging in client service quality,” Blake added. 

As alternative allocations grow and advisors push for greater transparency, Cerulli concludes that asset managers must prioritize dedicated product specialist integration—not only to meet advisor expectations but to preserve distribution competitiveness in an evolving marketplace.