A nice way to describe the evolution of the asset management industry is through the march of indexing. Returns can be broken into beta and alpha. The asset management industry has been able to form low cost indices for asset class beta. The replication of beta is not hard.
It has now developed alternative beta approach to capture systematic risk premia. This was creative but is now easy to replicate and produce for the masses. The next level of evolution has been to bundle multi-asset solutions which may be a cross between beta and alpha. Indices have been formed for these cross-ver products although this part of the industry is evolving. What has not been indexed has been manager skill which receives higher fees and should generate better return to risk. You cannot make generic products for manager skill.
The asset management industry is not that different than other industries where generic products are priced low and mass marketed, and customize products that require more skill to produce still receive premium pricing. If you cannot distinguish skill, you will be squeezed by the generic index products. The industry evolution now requires managers to better define and communicate their skills.
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