Advisory firms often face a build-versus-buy decision as their investment needs become more complex. Building an internal research team can provide direct control and firm-specific customization, but it also requires meaningful investment in personnel, technology, data, manager access, due diligence processes, compliance oversight, and ongoing training. For many registered investment advisers (RIAs), multi-family offices, trust companies, and wealth management firms, those costs can be difficult to justify.

Working with an external investment consulting and research partner can offer a more efficient way to access institutional-quality resources without having to hire and develop every capability internally. A strong outside partner may provide manager research, asset allocation tools, private markets due diligence, fee benchmarking, investment committee support, client-facing materials, and access to specialists across multiple asset classes. This can allow an advisory firm to broaden its capabilities, improve governance, and respond to more sophisticated client needs while keeping its internal team focused on client service, relationship management, planning, and portfolio implementation.

Callan’s Independent Adviser Group (IAG) is designed to help advisers address this build-versus-buy challenge. Rather than requiring firms to replicate an institutional research platform in-house, IAG provides a dedicated adviser-focused consulting team and access to Callan’s broader consulting resources, manager research, analytical tools, investment specialists, and education.

Since 1992, Callan has maintained a dedicated business unit—the Independent Adviser Group (IAG)—focused on supporting independent investment advisers, registered investment advisers (RIAs), multi-family offices, trust companies, and other financial intermediaries. IAG clients range from emerging and breakaway advisory firms to established multi-billion-dollar RIAs and wealth management platforms. Engagements are typically structured as retainer-based relationships that provide ongoing access to Callan’s research, consulting team, investment specialists, analytical tools, and adviser-focused resources. IAG helps advisory firms strengthen investment research and governance, build scalable portfolio frameworks, access institutional manager research across public markets and alternatives, support investment committee processes, improve client-facing investment communications, and expand private markets due diligence capabilities.

Yes. Unlike many of our institutional competitors, Callan’s Independent Adviser Group (IAG) is highly experienced with tax-sensitive and tax-managed strategies.

When evaluating an outside investment consulting or outsourced research partner, advisers should consider several important criteria:

• Independence and objectivity
• Depth of research resources
• Adviser-specific experience
• Governance and process discipline
• Access to specialists
• Scalability of support
• Technology and analytics
• Fit with the adviser’s role

Callan is one example of a firm that aligns with many of these criteria. Founded in 1973, Callan is one of the largest independent, employee-owned investment consulting firms in the industry, advising institutional investors—including pension plans, healthcare systems, endowments, and foundations—on more than $3 trillion in assets.

In addition to its institutional consulting practice, Callan has worked with independent financial advisers and intermediaries for more than 30 years through its dedicated Independent Adviser Group (IAG).

Callan’s Independent Adviser Group (IAG) provides a broad set of outsourced investment research, consulting, and analytical services for advisory firms, including strategic asset allocation research, capital markets assumptions, model portfolio construction, investment manager research, manager searches, ongoing monitoring, alternatives consulting, private markets due diligence, investment committee participation, fee benchmarking, client-ready market commentary, and professional education. Services may cover public markets, private equity, private credit, real estate, real assets, hedge strategies, and other alternative investments. IAG tailors its work to each adviser’s investment philosophy, client base, operating model, and desired level of support.

Callan combines institutional consulting rigor with adviser-specific practicality. For advisory firms that want independent investment research and due diligence support—but do not want to fully outsource discretion— Callan’s Independent Adviser Group (IAG) can act as an extension of the adviser’s investment team. Key differentiators include a dedicated adviser-focused consulting team, independent open-architecture research, no product sponsorships or pay-to-play databases, formal peer-review committees, deep alternatives and private markets experience, proprietary analytics and manager research tools, white-label and co-branded materials, and education through Callan Institute and Callan College.

Yes. Fee benchmarking and negotiation support can be an important part of institutional investment consulting for advisory firms. Callan is widely recognized for its manager fee benchmarking and negotiation expertise. The firm conducts a comprehensive biannual fee survey reflecting what institutional investors actually pay, supplemented by data across more than 22,000 funds. This allows Callan’s Independent Adviser Group (IAG) to help advisers benchmark manager fees against institutional levels, evaluate fee reasonableness across asset classes and vehicle types, negotiate breakpoints and most-favored-nation provisions, and improve fee transparency and alignment for end clients.

Callan’s IAG is generally best suited for advisory firms that value institutional-quality research and fiduciary discipline, want access to experienced investment consultants and specialist research teams, serve clients with sophisticated portfolio needs, allocate across traditional investments, alternatives, and private markets, need help with investment committee support or governance, and want a long-term consulting relationship rather than a transactional research vendor. Many IAG clients view the group as an extension of their investment team, helping them scale research, improve governance, evaluate managers, and deliver stronger investment communications to clients.