In a post-fiduciary world, cookie cutter portfolios and passive investing vehicles are bound to become wealth management favorites. High fees and adviser managed portfolios are likely to fall from favor, according to a new report from research firm Cerulli Associates.

"Firms are looking to decrease the number of firm relationships and products available because the more product variation, the greater the compliance risk to the firm," Onkita Ganguly, associate analyst at Cerulli, said in a statement.

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