The research was commissioned by Rathbones Group, via independent research agency PureProfile, interviewing 100 UK international financial advisors (IFAs), discretionary fund managers (DFMs) and private bankers and investment fund selectors at large banks during July 2026

Respondents identified trust and longevity as the most important qualities in an active manager. Risk management, return potential and downside protection were also mentioned as other key priorities.

The study found that 95 per cent of IFAs, DFMs and private bank fund allocators believe that market turbulence makes active management easier to explain to clients.

Drawdown management is another priority for clients with cash flow requirements, particularly those in retirement. More than nine in 10 respondents (93 per cent) describe this as very important, including 30 per cent who view it as critical.

Absolute return is the preferred approach for 52 per cent of respondents, compared with 43 per cent who favour relative return. A further 5 per cent said they assess managers’ strategies case by case.

“Periods of market stress can sharpen the case for active management. Advisors are looking for managers who can combine judgement, risk discipline and clear communication, particularly when clients are under pressure to make short-term decisions,” Tom Carroll, CEO, Rathbones Asset Management, said. “For retired clients, that support can be especially valuable, where drawdown management and long-term confidence matter alongside returns.”

The findings point to a broader role for active managers in helping advisors manage uncertainty and support client conversations, the firm continued. With volatility and retirement income pressures still high on the agenda, trust, risk management and clear communication remain central to the active management proposition.