Could asset managers leave advisers 'out in the cold' as more go direct?

Asset managers have traditionally focused on selling their funds through intermediaries such as financial advisers, brokers, and other institutional investors. These intermediaries have provided valuable distribution and marketing support but the landscape is shifting fast so executives need to be reviewing their options to help future-proof what remains (for now at least!) a high-margin business. ‘Don't bite the hand that feeds you' comes to mind though as there would be the risk of alienating advisers who think they are being cut out. The trick of course would be to position the ser...