Transforming an asset management firm’s strategy is no small feat. Having recognized the need to address Shelf Syndrome and being aware of the tools and trends, leadership must now steer the organization through change.
This chapter provides a strategic playbook — a set of concrete recommendations and guiding principles — for mid-sized managers determined to reclaim product ownership. The approach is intentionally holistic: it covers immediate tactical moves as well as cultural shifts, because successfully embracing Assetization requires both doing new things and thinking in new ways. Consider this a flexible template for your firm’s journey from shelf-bound to self-owned.
08·01Assess and prioritize
01 · Conduct a Shelf vs. Self audit
Begin with a clear-eyed assessment of your current product mix. Break down your offerings into two categories — “Shelf” (third-party products you use) and “Self” (proprietary strategies you offer). For many mid-sized firms, this reveals a heavy skew to Shelf. Identify which exposures are truly commoditized and which areas you have unique expertise. Quantify the cost of shelf — how much in external fees are you embedding? That is revenue your firm is leaving on the table. And qualitatively: if 70% of client portfolios are branded from other firms, that is a brand dilution metric to improve.
02 · Identify your “Assetization sweet spots”
Not every idea should be turned into a product — focus on where you have an edge and where client demand intersects. Pick one to three areas that could become flagship proprietary offerings: a strategy you’ve been running in SMAs, a style your team excels at, or an unmet need you keep hearing about. Decide what your firm wants to be known for, and build a product around that. The key is that it is something clients can’t just get off a supermarket shelf.
08·02Build momentum
03 · Leverage quick wins via partnerships
To kickstart momentum, pursue one or two quick-win launches using the strategic alternatives. If you identified a credit strategy as a sweet spot, perhaps issue it as a certificate via an SPV rather than waiting to launch a full fund. Find a willing pilot client or use some balance sheet to seed it. Partnerships are key to speed: if you lack a capability, partner rather than build initially. Celebrate and market early successes — it signals that your firm is innovating, and helps secure buy-in from internal skeptics.
04 · Establish a product innovation framework
Institutionalize Assetization by creating the structures that sustain it. Form a Product Development Committee with representation from investments, sales, risk, and operations. Give it executive support and the authority to bypass red tape. Outline a stage-gate process from idea to issuance, incorporate client input early, and adopt an agile mindset — encourage small experiments and tolerate some failures as learning experiences. To mitigate risk, design a “sunset” policy: be willing to close things that aren’t working. Communicate that pruning is healthy.
08·03Integrate and communicate
05 · Rebalance “Shelf vs. Self” gradually
Start integrating proprietary offerings into client portfolios in a measured way. Use a core-satellite approach: maintain core allocations in inexpensive third-party products, and introduce your new product as a satellite allocation for interested clients. Clearly articulate the role of the new product and why it is better than the external alternative. Many clients will be receptive — some flattered to get access to something bespoke. Over time, as track records build, you can increase the share of proprietary products.
06 · Enhance transparency and communication
One risk when introducing proprietary products is that clients might fear they are being sold something for your benefit. Head that off with transparency and education. Be upfront about fees — show that the total cost remains fair, and if cutting out third-party margins means the client isn’t paying more, say so. Communicate skin in the game: if partners invest in these strategies too, interests are aligned. Treat clients as partners in the Assetization journey, explaining the why, the how, and the what of each new product.
08·04Shift culture and identity
07 · Foster an Assetization culture
Instill a mindset that every investment idea is a potential asset to be crafted and scaled. Encourage team members to pitch product ideas, not just trades. Reward initiative — perhaps a bonus component tied to successful launches or growth of proprietary AUM. Pivot some of your talent’s identity from “advice-givers” to “product creators.” Align your metrics with this shift: track proprietary AUM, the number of new products launched, and the percentage of client assets in bespoke solutions.
08 · Revisit pricing and value proposition
As you develop proprietary products, you can rethink your pricing model — some firms shift from pure asset-based fees to hybrid models with a performance or product-fee participation. Always tie it back to delivered value. Think of it like a custom-tailored suit: it costs more than off-the-rack, but the buyer perceives the value in the fit. Your bespoke products should give clients that better fit for their needs.
09 · Continuously benchmark, refine, and reframe
Treat Assetization as an ongoing process. Keep an eye on industry benchmarks and new platforms; regularly solicit client feedback on your products. And update your branding to reflect your journey: emphasize that you combine advisory with an ability to engineer custom investment products. Publish a flagship piece of thought leadership; share case studies. Over a couple of years, aim for your firm to be commonly known for its innovative streak in at least one area — the kind of reputation that drives referrals and organic growth.
By following this playbook, a mid-tier manager can systematically transition out of the confines of Shelf Syndrome. The journey might start with small steps — one new product, one partnership — but the cumulative effect is a rebalanced business model. Instead of giving away value to third parties, you retain more economics. Instead of being invisible behind others’ brands, you push your brand to the forefront.