How Russell Investments Is Supercharging RIA Portfolios with Next-Gen Multi-Manager Models

Russell Investments is redefining the advisor experience—bringing institutional-grade customization, multi-manager innovation, and powerful new ETF strategies to financial professionals across North America. This in-depth feature, based on an interview with Emily Steinbarth, Co-Head of North America Advisor & Intermediary Solutions, at the 2025 Schwab IMPACT Conference in Denver, explores how Russell’s evolutionary approach is meeting the surging demand for exclusive, personalized investment solutions in an advisor’s toolkit.

Model Innovation: Advancing Customization for RIAs

A central theme in Emily Steinbarth’s discussion was Russell Investments’ reputation for model portfolio innovation, ranking among the top five providers and seeing accelerated RIA demand for custom strategies. Steinbarth explains, “What’s a little bit different about us is that we’re a multi-manager. So, where a lot of asset managers build models using their in-house products, when we go out, we start with about 16,000 investment products across the ecosystem, then we combine our favorites into our model strategies. So that’s kind of the underlying building block that we’re starting from.”

Traditional models, typically constructed with proprietary mutual funds, are evolving rapidly at Russell. The company is now building models that incorporate new components—moving from mutual funds to ETFs, SMAs (Separately Managed Accounts), direct indexing, and even interval funds. “Instead of having a model that you’re taking off the shelf, it’s working more in partnership with either the Enterprise, the RIA Enterprise, or the individual practice level to incorporate their thinking, preferred managers, or different views they want in the portfolio—and all the way to individual client customization,” Steinbarth shares.

This approach enables advisors to deploy their best thinking across their entire book of business, while still allowing deep customization at the individual client level. Whether it’s integrating specific tax rates or ESG preferences, Russell’s tools empower advisors to balance scalability with true personalization—a critical differentiator in the modern marketplace.

Delivering Differentiation: The Power of Exclusive Models

Financial advisors today face intense pressure to deliver unique value—especially as portfolios become increasingly commoditized through automation. Steinbarth highlights, “Across all spectrums, people look for more customization, and investment portfolios are no different. The combination of those two things—efficiency plus personalization—is where I think the power of custom models comes into play.” She points to innovative platforms like SMAs and UMAs (Unified Managed Accounts), which allow advisors to integrate direct indexing, customized transition programs, or sleeve-based tax optimization to handle complex client scenarios.

Customization technology is no longer a ‘nice to have’—it’s essential for advisors looking to scale, deepen client relationships, and future-proof their practices. “Matching the right platform that allows you to do that type of customization and deliver personalization right to the client in a scalable way is really important,” Steinbarth emphasizes.

ETF Launch: Expansion of Open-Architecture, Multi-Manager Access

Russell Investments’ newly launched five active, multi-manager ETFs mark a strategic milestone—extending their open-architecture investment process and institutional-level manager due diligence to individual investors. Steinbarth describes, “We wanted to take advantage of all of the efficiencies of the ETF wrapper. It was a natural and strategic extension for us to take our multi-manager componentry and put it into a new package. More broadly, we think there is an opening for multi-manager ETFs, especially as advisors seek out active approaches.”

Russell’s renowned manager research process—covering over 16,000 products and powered by more than 1,800 annual manager meetings—results in ETFs that incorporate best-of-breed managers in a single investment. Steinbarth explains, “We have a whole investment engine designed around researching and doing due diligence on those managers. We’re going to combine our favorites into our ETF, helping to cut through the complexity of picking between so many options.”

For advisors, these ETFs provide easy access to specialist management and diversified strategies, freeing up valuable time to focus on client relationships rather than researching and constructing complex portfolios from scratch.

Open Architecture: Building Truly Diversified, Client-Aligned Solutions

Open architecture is foundational to Russell’s advisor partnerships. Instead of building portfolios solely from in-house products, Russell combines managers who specialize in particular asset classes—delivering a more robust, truly customized outcome. Steinbarth articulates, “We believe open architecture is the right way to build a client’s total portfolio. It doesn’t make sense to have a client where every building block comes from one manager, because it’s hard to be the best at everything. We go out and leverage managers who are experts in their areas.”

This model allows advisors to integrate alternatives, address tax-specific needs, and align with clients’ unique risk appetites, liquidity requirements, and investment philosophies. Open architecture, paired with customization, positions advisors as true advocates—building portfolios aligned to each client’s goals, rather than shoehorned into a one-size-fits-all solution.

Scaling Efficiency: Practical Strategies for Modern Advisory Models

A recurring challenge for advisors is balancing scale with customization. Steinbarth notes, “Technology is a big part of that answer. With the different advisors that we work with, they often already have a platform they use, so we try to be open architecture not just about managers, but also about technology. We help them think through what tools are available—using SMA sleeves for more tax efficiency, combining with passive approaches, or adapting based on their trading platform.”

Russell Investments partners with firms to assess the right technology mix, whether it’s making adjustments to current systems or seeking new ones to enable scalable personalization. Advisors can maintain control and continue influencing investment design, while automating back-end processes for efficiency and consistency.

The Road Ahead: Innovation and Strategic Growth

Looking forward, Steinbarth sees innovation in model portfolios and ETF strategies profoundly shaping advisor-client relationships and business growth trajectories. “A lot of advisors use models today that they have built themselves. They still might be doing the trading, the research, deciding what goes into the model. If there’s tax implications, they’re reinventing how to transition someone in or out. Taking this concept but really operationalizing it—working with partners like Russell—is going to be a game changer,” she reflects.

Advisors who embrace Russell Investments’ multi-manager, open-architecture platforms and robust customization capabilities will be empowered to serve more clients efficiently, organically grow their practices, and deliver differentiated experiences that drive loyalty and engagement.

Explore how Russell Investments can help you innovate, scale, and deliver truly personalized investment experiences for your clients. Visit Russell Investments’ Advisor Portal to learn more and access actionable resources designed specifically for financial advisors.