Broadridge: Model Portfolios Projected To Reach $18.6T by 2030
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Summary
Model portfolios managed through retail intermediary channels totaled $9.3 trillion in assets at the end of 2025, representing 18% growth since 2020, and are projected to reach $18.6 trillion by 2030, according to Broadridge Financial Solutions' quarterly trends report. Broker-dealers held the largest share of model assets at 45%, followed by RIAs at 28% and wirehouses at 18%.
Market Impact
The structural migration from mutual funds to ETFs is accelerating within model portfolios, with ETF-only models accounting for 38% of the marketplace in Q1 2026, up from 33.8% just three quarters earlier. The online channel was the only retail segment to show model AUM growth from Q4 2025 to Q1 2026, rising 3.6% to $321 billion. This analysis is informational and avoids any directional trading claims.
Why It Matters
It quantifies the pace of institutionalization in retail portfolio construction, documenting how the shift from individual security selection to managed model allocations is reshaping the economics of the U.S. wealth management distribution industry.
Key Points
- Model portfolio AUM reached $9.3 trillion at year-end 2025, up 18% since 2020, with Broadridge projecting 15.4% growth over the next four years to $18.6 trillion by 2030.
- Broker-dealers held 45% of model assets; RIAs 28%; wirehouses 18%; and online/discount platforms 9% — but B/D dominance was strongest in the top 10 most popular models at 83.1% of that $287.3 billion segment.
- ETFs' share of model assets rose from 54% in Q1 2025 to 58% in Q1 2026, while mutual funds fell from 46% to 42%. ETF-only models now represent 38% of the marketplace.
- Passive ETFs accounted for 48.9% of model assets; active mutual funds 37%; active ETFs 8.7%; and passive mutual funds 5.4%. Equities made up 67% of model allocations, with bonds at 28%.
Key Entities
Evidence
By year-end 2025, the model portfolio industry totaled $9.3 trillion in AUM, representing 18% growth since 2020. Over the next four years, Broadridge estimates model assets will grow by another 15.4%, to $18.6 trillion.Supports: Supports the AUM figures and growth projection.
Today, broker/dealers hold the largest share of model assets in the retail intermediary channel, at 45%, with RIAs coming in second, at 28%. Wirehouses hold 18% of model assets, and the discount channel, represented b...Supports: Supports the channel breakdown.
Model providers continue to increase their use of ETFs, with 58% of assets held in these vehicles in the first quarter of this year—up from 54% in the first quarter of 2025. During the same period, the share of model...Supports: Supports the ETF shift.