For many asset managers, getting your fund on a major platform like Fidelity or Schwab can feel like trying to join an exclusive club—high barriers, little transparency, and no clear roadmap.
But the payoff is big. Access to RIAs who custody there. Operational ease for allocators. Increased credibility with prospects.
We’ve helped investment boutiques do exactly that—and today we’re sharing 3 tips to get you there faster (and smarter).
Why Get on a Platform in the First Place?
Here’s what’s at stake:
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Visibility: Platforms expose your strategy to a broader universe of allocators who already use them as their default marketplace.
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Ease of allocation: Many RIAs won’t allocate unless your product is already on their platform—it streamlines rebalancing, compliance, and operations.
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Legitimacy: Being “on platform” is a stamp of approval that makes you easier to trust, especially for institutional investors.
But here’s the catch: most platforms aren't keen to add you. They’re risk-averse. They want proof of demand before they’ll even consider onboarding you.
So how do you create that demand?
Tip 1: Don’t Start with the Vehicle. Start with Demand.
The #1 mistake we see? Fund managers spin up a product hoping buyers will come.
That’s backwards.
Before creating a new fund structure, start by gauging interest. Ask allocators in your network what vehicles they currently use and whether they’d consider allocating to your strategy if it were available in that format.
Early adopter investors love to be a part of the process shaping a product. That early collaboration builds buy-in—and often commitment.
If they help design it, they’re more likely to fund it.
Tip 2: Know Where Your Buyers Custody—and Map Accordingly
Once you’ve sparked allocator interest, you need to know where they custody assets. Are they on Fidelity? Schwab? Pershing?
Here’s where research pays off. Use a database like Dakota Marketplace to see which which platform they are on.
Once you know where your network of allocators who showed interest are, focus your platform push there. It’s not about being everywhere—it’s about being available where your allocators already are.
Tip 3: Use Allocator Letters to Build the Case
Most platforms require $25M–$50M in demand before they’ll approve a new product.
How do you prove it? You don’t need iron-clad LOIs. You just need expressions of interest—what we call “allocator letters.” These are short letters from advisors essentially saying, “We would allocate to this strategy if it were made available on your platform.” Make it easy by providing them an email template.
When multiple advisors (especially larger RIAs) send these letters to platform gatekeepers, it creates a grassroots campaign that platforms can’t ignore.
FAQs Fund Managers Ask about the platforms
Q: What’s the AUM threshold to get on a platform?
A: It varies. Fidelity and Schwab often say $25M–$50M in indicated interest, but it’s less about the number and more about who wants in. One large allocator can move the needle.
Q: Can I get on a platform without a fund yet?
A: Yes—if you have demand. Many managers build interest first, then launch the fund to match that need.
Q: Do I need to be on every platform?
A: No. Focus on one first, ideally where you already have buyer interest.
Q: Are separately managed accounts (SMAs) easier than mutual funds or ETFs?
A: Generally, yes. SMAs can often bypass some of the heavier onboarding requirements. But it depends on the platform.
Final Thoughts
Getting on a platform isn’t about knocking on the front door—it’s about gathering a crowd behind you so the door opens on its own.
Start with demand. Map custody. Prove interest with letters.
Do that well, and the platform becomes a formality—not a fortress.