Just as there are many valid investment philosophies, there are multiple ways to implement those philosophies in the form of different portfolio construction approaches. Historically, the Australian market has seen a steady decline in the use of centrally developed multi-asset approaches, with practitioners taking a more active role in product selection, and preferring the transparency of, and client engagement resulting from, taking more control over constructing portfolios and using sector-based investment products. However, with several catalysts impacting on the Australian advice landscape, we are seeing a resurgence back to centrally developed solutions - but the approach differs to history, which affects practitioners’ roles (including researchers, consultants, and financial advisers) in different ways, and has a direct impact on the importance of different selection factors, support requirements, and engagement preferences for asset management product (as well as influencing other key areas such as retirement strategies and platform use). - David Hutchison, NMG Consulting. Earn 0.75 CE/CPD hrs on Portfolio Construction Forum