What most managers do know, however, is that lip service to advisors is no longer acceptable by anyone, and touting product and hot performance numbers are a thing of the past. "What we do is not value-added; rather it is absolutely essential," says Nuveen's Nersesian. "Clients expect a lot out of the relationship with their advisor and, we, as asset management firms, have that same responsibility in serving advisors. Investment expertise is no longer enough."

Richmond, Va.-based veteran financial writer Allen Plummer assisted with the interviews and research for this article.

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