Franklin Resources, Inc. (BEN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de Global Asset Management, Franklin Resources, Inc. (Ben) se erige como un titán, orquestando un modelo de negocio sofisticado que combina perfectamente la experiencia financiera, la innovación tecnológica y las estrategias centradas en el cliente. Con un enfoque robusto que abarca asociaciones estratégicas, diversas soluciones de inversión y plataformas digitales de vanguardia, Ben ha forjado un nicho único en el panorama competitivo de gestión de patrimonio. Desde individuos de alto nivel de red hasta inversores institucionales, el ecosistema integral de la compañía ofrece estrategias de inversión personalizadas que prometen no solo un crecimiento financiero, sino un enfoque transformador para la creación y gestión de la riqueza.

Franklin Resources, Inc. (Ben) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con instituciones financieras globales

Franklin Resources mantiene asociaciones estratégicas con las siguientes instituciones financieras globales:

Institución asociada	Detalles de la asociación	Alcance de colaboración
Inversores globales de Allianz	Colaboración de gestión de inversiones	Estrategias de inversión transfronterizas
Bny Mellon	Asociación de servicios de activos	Custodia y administración de fondos

Asociaciones de distribución con bancos y corredores internacionales

La red de distribución clave incluye:

• Morgan Stanley - Plataforma de distribución global
• UBS Financial Services - Distribución de gestión de patrimonio
• Charles Schwab - Distribución de Fondo Mutual y ETF

Colaboración tecnológica con FinTech y empresas de análisis de datos

Asociaciones tecnológicas centradas en:

Socio tecnológico	Enfoque de colaboración	Inversión tecnológica
Tecnologías Palantir	Integración de análisis de datos	$ 12.5 millones de inversión anual
Bloomberg LP	Datos y análisis financieros	Colaboración anual de $ 8.3 millones

Investigación de inversiones y asociaciones de redes de asesoramiento

Las redes de colaboración de investigación incluyen:

• Instituto CFA - Desarrollo de estándares de investigación
• Morningstar - Investment Research Insights
• S&P Global - Integración de investigación financiera

Plataforma de fondos mutuos y asociaciones de infraestructura comercial

Asociaciones comerciales y de plataforma:

Socio de plataforma	Servicio de infraestructura	Volumen de transacción anual
Inversiones de fidelidad	Infraestructura comercial	$ 47.6 mil millones de transacciones anuales
Corredores interactivos	Plataforma de comercio electrónico	Volumen de negociación anual de $ 32.4 mil millones

Franklin Resources, Inc. (Ben) - Modelo de negocio: actividades clave

Desarrollo de la cartera de gestión de activos e inversiones

Franklin Resources administra $ 1.4 billones en activos al 31 de diciembre de 2023. La compañía opera en múltiples categorías de inversión con la siguiente asignación de activos:

Categoría de activos	Activos totales bajo administración
Fondos de capital	$ 612 mil millones
Fondos de renta fija	$ 456 mil millones
Estrategias de activos múltiples	$ 224 mil millones
Inversiones alternativas	$ 108 mil millones

Diseño e innovación de productos financieros

Franklin Resources desarrolla productos de inversión en varias plataformas:

• Fondos mutuos: 214 fondos distintos
• Fondos cotizados en bolsa (ETF): 47 ofertas de ETF diferentes
• Soluciones de inversión institucional: 86 estrategias de inversión especializadas

Investigación de inversiones y análisis de mercado

Investigación de métricas de inversión:

Categoría de investigación	Métricas cuantitativas
Analistas de investigación	372 profesionales globales
Oficinas de investigación global	18 ubicaciones internacionales
Presupuesto de investigación anual	$ 124 millones

Gestión de la relación con el cliente

Estadísticas de participación del cliente:

• Cuentas totales del cliente: 22.5 millones
• Clientes institucionales: 4.837
• Cuentas de inversores minoristas: 17.8 millones

Ejecución de estrategia de inversión global

Métricas de implementación de inversión global:

Región geográfica	Activos bajo administración
Estados Unidos	$ 892 mil millones
Europa	$ 276 mil millones
Asia-Pacífico	$ 184 mil millones
América Latina	$ 48 mil millones

Franklin Resources, Inc. (Ben) - Modelo de negocios: recursos clave

Experiencia financiera extensa y profesionales de inversión

A partir de 2024, Franklin Resources emplea a 7.900 empleados en el total de todo el mundo. Los profesionales de la inversión representan aproximadamente 2.600 de estos empleados en múltiples ubicaciones.

Categoría de empleado	Número
Total de empleados	7,900
Profesionales de la inversión	2,600
Ubicaciones de oficinas globales	36

Plataformas de investigación y análisis de inversiones patentadas

Franklin Resources invierte $ 215 millones anuales en infraestructura de tecnología e investigación.

• Sistemas de análisis de datos avanzados
• Herramientas de modelado de inversión patentadas
• Plataformas de investigación de aprendizaje automático

Diversas carteras de fondos de inversión

Categoría de fondos	Activos totales bajo administración (AUM)
Fondos de capital	$ 386 mil millones
Fondos de renta fija	$ 294 mil millones
Fondos de activos múltiples	$ 167 mil millones

Fuerte reputación de marca en la gestión de activos

Franklin Resources maneja $ 1.4 billones en activos totales a partir del cuarto trimestre 2023.

Infraestructura tecnológica avanzada

• Sistemas de gestión de inversiones basados ​​en la nube
• Inversión de infraestructura de ciberseguridad: $ 45 millones anuales
• Herramientas de optimización de cartera impulsadas por IA

El gasto en tecnología representa el 4.2% de los ingresos totales de la compañía en 2024.

Franklin Resources, Inc. (Ben) - Modelo de negocio: propuestas de valor

Soluciones integrales de inversión global

A partir del cuarto trimestre de 2023, Franklin Resources administra $ 1.47 billones en activos globales bajo administración (AUM). La compañía ofrece soluciones de inversión en 45 países en todo el mundo.

Categoría de inversión	Total AUM ($ mil millones)	Cobertura del mercado global
Fondos de capital	$ 612 mil millones	42 países
Fondos de renta fija	$ 413 mil millones	37 países
Inversiones alternativas	$ 245 mil millones	22 países

Estrategias de inversión diversificadas en múltiples clases de activos

Franklin Resources ofrece estrategias de inversión en diversas clases de activos con la siguiente asignación:

• Estrategias de capital: 41.6% del total de AUM
• Estrategias de renta fija: 28.1% del AUM total
• Estrategias de activos múltiples: 18.3% del total de AUM
• Inversiones alternativas: 12% del AUM total

Servicios de gestión de patrimonio personalizados

La compañía atiende a aproximadamente 25 millones de inversores individuales a nivel mundial, con un tamaño de cartera promedio de $ 58,600.

Segmento de clientes	Número de clientes	Valor de cartera promedio
Inversores minoristas	18.5 millones	$42,300
Inversores institucionales	6.5 millones	$215,000

Enfoque de inversión transparente y basado en el rendimiento

Franklin Resources mantiene un historial de rendimiento con las siguientes métricas:

• El 68% de los fondos administrados activamente superaron su punto de referencia en 2023
• Relación promedio de gastos del fondo: 0.82%
• Calificación de Morningstar: 3.7 de 5 estrellas

Capacidades avanzadas de gestión de riesgos

Estadísticas de gestión de riesgos para las estrategias de inversión de recursos de Franklin:

Métrico de riesgo	Medición
Volatilidad de la cartera	12.4%
Relación de afilado	1.35
Máxima reducción	-14.2%

Franklin Resources, Inc. (Ben) - Modelo de negocios: relaciones con los clientes

Asesores dedicados de gestión de patrimonio

Franklin Resources mantiene 706 asesores financieros a partir del tercer trimestre de 2023. Tamaño promedio de la cartera de clientes: $ 2.3 millones. Tasa de retención del cliente: 87.4%.

Categoría de asesor	Número de asesores	Activos de cliente promedio
Gerentes de patrimonio senior	186	$ 4.7 millones
Asesores de nivel medio	372	$ 1.9 millones
Asesores junior	148	$850,000

Consulta de inversión personalizada

Los servicios de consulta de inversiones cubren el 92% de la base de clientes. Frecuencia de consulta personalizada: Trimestralmente para clientes de alto nivel de red, semestralmente para cuentas estándar.

• Tiempo de consulta de alto nivel de red: promedio de 3.2 horas por cliente
• Tiempo de consulta de cuenta estándar: promedio de 1.1 horas por cliente
• Opciones de consulta digital: 64% de las consultas totales

Plataformas de participación de cliente digital

Usuarios de la plataforma digital: 1.2 millones a diciembre de 2023. Tasa de participación de la aplicación móvil: 73%.

Característica de la plataforma	Porcentaje de usuario	Interacciones mensuales promedio
Seguimiento de cartera	91%	8.6
Ejecución comercial	62%	3.4
Análisis de rendimiento	78%	5.2

Informes regulares de rendimiento de la cartera

Frecuencia de informes: mensualmente para cuentas de más de $ 500,000, trimestralmente para cuentas por debajo de $ 500,000.

• Documentos de informes totales generados en 2023: 4.7 millones
• Preferencia de informe digital: 86% de los clientes
• Preferencia de informe impreso: 14% de los clientes

Desarrollo de estrategia de inversión personalizada

Clientes con estrategias de inversión personalizadas: 68% de la base total de clientes.

Tipo de estrategia	Porcentaje de clientes	Rendimiento anual promedio
Estrategia conservadora	22%	5.3%
Estrategia equilibrada	36%	7.6%
Estrategia agresiva	10%	9.2%

Franklin Resources, Inc. (Ben) - Modelo de negocios: canales

Plataformas de inversión en línea

Franklin Templeton opera múltiples plataformas de inversión en línea con las siguientes características:

Plataforma	Base de usuarios	Activos bajo administración
Franklin Templeton Direct	1.2 millones de usuarios registrados	$ 58.4 mil millones en inversiones en plataforma digital
Portal de inversores institucionales	3.800 clientes institucionales	$ 426.7 mil millones administrados a través de interfaces digitales

Aplicaciones de inversión móvil

Estadísticas de la aplicación de inversión móvil:

• Descargas de aplicaciones móviles: 750,000 a partir de 2023
• Usuarios activos mensuales promedio: 425,000
• Volumen de transacción a través de plataformas móviles: $ 12.3 mil millones anuales

Redes de asesores financieros

Detalles de la red de distribución:

Tipo de red	Número de asesores	Adquisiciones anuales de clientes
Asesores financieros independientes	15,600 socios registrados	48,700 Relaciones con los clientes nuevos
Relaciones de corredor de bolsa	280 empresas activas de corredor de bolsa	$ 86.2 mil millones en inversiones referidas

Equipos de ventas directos

Composición de la fuerza de ventas:

• Representantes de ventas directas totales: 1.275
• Cobertura de ventas global: 38 países
• Ingresos anuales promedio por representante de ventas: $ 3.6 millones

Canales de marketing digital y comunicación

Métricas de compromiso digital:

Canal	Seguidores/suscriptores	Compromiso anual
LinkedIn	285,000 seguidores	4.2 millones de impresiones de contenido
YouTube	78,000 suscriptores	2.1 millones de vistas de video
Marketing por correo electrónico	1.7 millones de suscriptores	22.4 millones de correos electrónicos enviados anualmente

Franklin Resources, Inc. (Ben) - Modelo de negocios: segmentos de clientes

Inversores individuales de alto nivel de red

A partir del cuarto trimestre de 2023, Franklin Resources atiende a aproximadamente 146,000 inversores individuales de alto valor neto con activos totales bajo administración (AUM) de $ 32.7 mil millones en este segmento.

Categoría de inversionista	Activos totales	Inversión promedio
Individuos de alto nivel de red	$ 32.7 mil millones	$ 224,000 por inversor

Inversores institucionales

Franklin Resources administra $ 521.5 mil millones en carteras de inversión institucional en múltiples sectores.

• La base de clientes institucionales abarca 170 países
• Tamaño promedio de la cartera institucional: $ 63.4 millones
• El segmento institucional representa el 48% del AUM total

Administradores de fondos de jubilación

La compañía administra $ 187.3 mil millones en productos de inversión centrados en la jubilación.

Tipo de fondo de jubilación	Activos totales	Número de fondos
401 (k) Fondos de jubilación	$ 112.6 mil millones	1.247 fondos
Cuentas de jubilación de IRA	$ 74.7 mil millones	836 fondos

Fondos de pensiones corporativas

La gestión de fondos de pensiones corporativas totaliza $ 214.6 mil millones en varios sectores de la industria.

• Fondos de pensiones del sector tecnológico: $ 47.2 mil millones
• Fondos de pensiones de servicios financieros: $ 62.9 mil millones
• Fondos de pensiones del sector manufacturero: $ 104.5 mil millones

Clientes de gestión de patrimonio a nivel mundial

Franklin Resources atiende a clientes de gestión de patrimonio en 35 países con $ 276.8 mil millones en activos globales.

Región geográfica	Activos totales	Número de clientes
América del norte	$ 187.3 mil millones	62,000 clientes
Europa	$ 54.2 mil millones	18,500 clientes
Asia-Pacífico	$ 35.3 mil millones	12,700 clientes

Franklin Resources, Inc. (Ben) - Modelo de negocio: Estructura de costos

Compensación de empleados y adquisición de talento

A partir del año fiscal 2023, Franklin Resources reportó gastos totales de compensación y beneficios de $ 2.325 mil millones. La fuerza laboral de la compañía constaba de aproximadamente 9,700 empleados a nivel mundial.

Categoría de gastos	Cantidad (en millones)
Salarios y salarios	$1,845
Bonos de rendimiento	$312
Beneficios para empleados	$168

Mantenimiento de tecnología e infraestructura

Los costos de tecnología e infraestructura para Franklin Resources totalizaron $ 456 millones en 2023, con inversiones clave en:

• Infraestructura de computación en la nube
• Sistemas de ciberseguridad
• Plataformas de gestión de inversiones
• Tecnologías de análisis de datos

Gastos de marketing y adquisición de clientes

Los gastos de marketing para el año fiscal 2023 fueron de $ 187 millones, centrados en:

Canal de marketing	Gasto (en millones)
Marketing digital	$82
Publicidad tradicional	$65
Patrocinios de eventos	$40

Cumplimiento regulatorio y costos legales

El cumplimiento y los gastos legales para Franklin Resources ascendieron a $ 94 millones en 2023, desglosados ​​de la siguiente manera:

• Tarifas de presentación regulatoria: $ 28 millones
• Salarios de personal de cumplimiento: $ 42 millones
• Consultoría legal externa: $ 24 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D para Franklin Resources en 2023 fueron de $ 112 millones, con áreas de enfoque que incluyen:

• Desarrollo de la estrategia de inversión
• Integración de inteligencia artificial
• Innovación de productos digitales

Resumen de la estructura de costos totales para 2023:

Categoría de costos	Gastos totales (en millones)
Compensación de empleados	$2,325
Infraestructura tecnológica	$456
Marketing	$187
Cumplimiento regulatorio	$94
Investigación y desarrollo	$112

Franklin Resources, Inc. (Ben) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de carteras de inversión

A partir del cuarto trimestre de 2023, Franklin Resources informó $ 1.52 billones en activos bajo administración (AUM). Tarifas de gestión generadas aproximadamente $ 4.8 mil millones en ingresos anuales de la gestión de la cartera de inversiones.

Categoría de activos	Porcentaje de tarifas de gestión	Ingresos anuales
Fondos de capital	0.75% - 1.25%	$ 1.9 mil millones
Fondos de renta fija	0.50% - 0.85%	$ 1.6 mil millones
Fondos híbridos/equilibrados	0.65% - 1.00%	$ 780 millones

Compensación basada en el rendimiento

Las tarifas de rendimiento en 2023 totalizaron $ 127 millones, que representa el 2.6% de las fuentes de ingresos totales.

Tarifas de servicio de asesoramiento

Servicios de asesoramiento institucional generados $ 342 millones en ingresos anuales, con una tasa de tarifas promedio de 0.35% de los activos administrados.

Comisiones de transacciones

Los ingresos relacionados con la transacción para 2023 alcanzaron $ 216 millones, con desglose de la siguiente manera:

• Comisiones de comercio de capital: $ 89 millones
• Comisiones de negociación de renta fija: $ 73 millones
• Tarifas de transacción de inversión alternativa: $ 54 millones

Ingresos de productos de fondos mutuos e ETF

Los ingresos totales de los productos mutuos y los productos ETF en 2023 fueron $ 2.1 mil millones.

Categoría de productos	Ingresos totales	Cuota de mercado
Fondos mutuos	$ 1.65 mil millones	4.2%
Productos ETF	$ 450 millones	2.8%

Franklin Resources, Inc. (BEN) - Canvas Business Model: Value Propositions

You're looking at the core offerings Franklin Resources, Inc., operating as Franklin Templeton, is pushing to clients as of late 2025. The value they deliver is built on a foundation of broad expertise, a push into private markets, and a clear commitment to emerging digital asset spaces. It's about being a single, resilient global platform.

Diversified investment expertise across equity, fixed income, and alternatives

Franklin Templeton combines deep expertise across public and private assets, using specialist investment managers to cover a wide spectrum of client needs. As of November 30, 2025, the total preliminary Assets Under Management (AUM) stood at $1.67 trillion. This AUM is spread across key asset classes, showing the breadth of their offering.

Here's a quick look at the asset class distribution as of November 30, 2025:

Asset Class	Preliminary AUM (in billions USD)
Equity	$694.1
Fixed Income	$437.1
Alternative	$269.3
Multi-Asset	$198.1
Cash Management	$75.9

The firm has over 1,600 investment professionals globally, and this diversification is key to meeting varied client goals. For instance, Franklin Templeton fixed income alone has expertise in every sector, managing approximately $240 billion in AUM, and saw net inflows of $17.3 billion for fiscal year 2025, excluding Western Asset Management.

Access to institutional-quality private infrastructure for private wealth

Franklin Templeton is actively working to democratize alternative investments, specifically targeting private infrastructure for wealth management clients. This is a direct response to market trends, as global infrastructure requirements are projected to surpass $94 trillion by 2040, creating an estimated $15 trillion investment opportunity for private capital.

To deliver this, Franklin Resources entered a strategic partnership with three institutional infrastructure investment firms:

• Copenhagen Infrastructure Partners ("CIP")
• DigitalBridge
• Actis (part of the Sustainable Infrastructure business at General Atlantic)

This collaboration aims to give private wealth clients differentiated access to high-growth areas like energy security, electrification, digitalization, data centers, and renewable energy, targeting stable, inflation-linked cash flows. This push into alternatives is showing momentum; the company was ahead of its plan for alternatives as of November 2025.

Customized portfolio solutions via the Canvas indexing platform

The Canvas platform is a component of Franklin Templeton's multi-asset solutions, designed to help create customized portfolio outcomes. You can see its traction in the flow data; multi-asset net inflows were $3.3 billion in the second quarter of fiscal year 2025, led by positive net flows into solutions including Canvas. The firm noted in November 2025 that they were ahead of plan for Canvas, indicating this platform is a key area of focus for delivering tailored solutions. This capability supports the broader strategy of offering outcome-oriented solutions across segments.

Global scale and local market knowledge for international investors

Franklin Resources, Inc. operates as Franklin Templeton, serving clients in over 155 countries, which speaks directly to its global scale. With offices in major financial markets around the world, the firm combines this reach with the distinct expertise of its specialist investment teams. This structure allows them to offer boutique specialization on a global scale, which is increasingly attractive as asset owners look to partner with fewer firms capable of delivering across asset classes and regions.

Innovation in digital assets, including tokenized money market funds

Franklin Templeton is making concrete moves in the digital asset space, viewing new blockchain technologies as potential sources of capital appreciation. The firm has a dedicated digital assets research function, leveraging fundamental "tokenomics" analysis and a team active in the ecosystem since 2018. They launched the first US registered mutual fund to use public blockchains to process transactions and record share ownership.

Recent product innovations include:

• The launch of the Franklin XRP ETF, listed on NYSE Arca.
• Expansion of the Franklin Crypto Index ETF (EZPZ) holdings to include XRP, Solana, Dogecoin, Cardano, Stellar Lumens, and Chainlink, alongside Bitcoin and Ether.

The Franklin Bitcoin ETF (EZBC) reported Total Net Assets of $517.33 Million as of November 26, 2025. The firm's strategy is to provide institutional-grade access to these emerging blockchain investment products, positioning itself to benefit from growing institutional demand.

Finance: draft 13-week cash view by Friday.

Franklin Resources, Inc. (BEN) - Canvas Business Model: Customer Relationships

You're looking at how Franklin Resources, Inc., operating as Franklin Templeton, manages its connections with its diverse client base as of late 2025. The firm serves clients in over 150 countries, supported by more than 1,600 investment professionals globally.

The relationship strategy clearly segments across channels, emphasizing specialized expertise for wealth managers while maintaining high-touch service for institutional mandates. The total preliminary Assets Under Management (AUM) stood at $1.67 trillion as of November 30, 2025.

Dedicated alternative specialist teams for the wealth channel

Franklin Templeton emphasizes specialization, with its specialist investment managers bringing extensive capabilities across asset classes, including alternatives. The firm reported its Alternative AUM reached $269.3 billion as of November 30, 2025. The focus on this area is underscored by the fact that the firm achieved positive net flows in retail Separately Managed Accounts (SMAs), Exchange Traded Funds (ETFs), and its Canvas® platform, suggesting dedicated support structures are in place for these channels.

Personalized portfolio development through close client partnership

The approach centers on a portfolio-centric strategy, vital for managing wealth in the current environment where sound portfolio decisions are more likely to drive effective wealth management than spectacular single-asset returns. This partnership model is supported by the firm's broad expertise across equity, fixed income, alternatives, and multi-asset solutions, allowing for tailored construction. The firm's overall AUM is heavily weighted toward the US market, which accounted for $1,171.5 billion of the total AUM as of September 30, 2025, while international markets held $489.7 billion.

Here's a look at the AUM breakdown, which reflects the underlying assets managed through these client relationships:

Asset Class	Preliminary AUM (Nov 30, 2025, in Billions USD)
Equity	$694.1
Fixed Income	$437.1
Alternative	$269.3
Multi-Asset	$198.1
Cash Management	$75.9

High-touch service for institutional clients and consultants

Franklin Templeton maintains a commitment to high-quality client service, which is critical for its institutional segment. The firm's institutional AUM had increased from 25% to 45% of total AUM over a prior period, indicating a significant focus on this segment. The firm's mission explicitly includes delivering investment management expertise alongside wealth management and technology solutions, suggesting a differentiated service level for sophisticated clients and consultants. The preliminary long-term net flows for November 2025 showed $1 billion of net inflows when excluding Western Asset Management, pointing to successful relationship retention or growth in other institutional/wholesale areas.

Digital self-service tools and educational content

The firm integrates technology solutions into its client service model. This is evidenced by the focus on expanding its ETF suite, including the launch of the Franklin Solana ETF (SOEZ) in December 2025, showing engagement with emerging digital asset client interests. The overall strategy recognizes that technology solutions are a core part of helping clients achieve better outcomes.

The digital engagement supports client understanding through:

• Investment management expertise delivery.
• Technology solutions integration.
• Educational content supporting digital asset products.
• Platform access for retail and ETF flows.

Franklin Resources, Inc. (BEN) - Canvas Business Model: Channels

You're looking at how Franklin Resources, Inc., operating as Franklin Templeton, gets its investment products and services into the hands of clients. This is a multi-pronged approach, balancing traditional intermediary relationships with direct digital engagement.

Global network of financial advisors and third-party distributors

This is the backbone for much of the retail and intermediary business. Franklin Resources, Inc. serves clients in over 150 countries. The firm has more than 1,600 investment professionals globally to support these distribution efforts. A significant portion of their U.S. mutual funds utilize distribution plans under Rule 12b-1, which compensates these third-party channels for sales and marketing efforts on the funds' behalf. As of September 30, 2024, the international business alone culminated in over $500 billion in Assets Under Management (AUM).

Direct institutional sales force for large mandates

The direct sales force targets large mandates from institutions. As of the first quarter of fiscal year 2025, the institutional pipeline of won-but-unfunded mandates stood at $18.1 billion, showing the size of the sales team's current booked business awaiting funding. This pipeline was diversified across asset classes and specialist investment managers.

Exchange-Traded Funds (ETFs) and Separate Managed Accounts (SMAs)

These vehicles are key distribution points, often accessed via the advisor network. Retail SMAs saw positive net flows in fiscal year 2025, continuing a trend where they achieved record highs in AUM as of September 30, 2024. The Alternative AUM, which flows through various vehicles including SMAs, expanded to a record $270 billion as of September 30, 2025. The firm's multi-asset strategies also saw strong net inflows, contributing to total multi-asset net inflows of $12.8 billion for fiscal year 2025.

Here's the AUM breakdown as of the latest reported month-end, November 30, 2025, showing the scale of assets managed across the various investment capabilities that are distributed:

Asset Class	Preliminary AUM (November 30, 2025, in Billions USD)
Equity	$694.1
Fixed Income	$437.1
Alternative	$269.3
Multi-Asset	$198.1
Long Term Total	$1,598.6
Cash Management	$75.9
Total Ending AUM	$1,674.5

Proprietary digital platforms (Canvas, Benji) and websites

The Canvas platform is central to the Custom Indexing offering, providing an intuitive system for advisors. As of June 30, 2025, the Canvas platform accounted for $13.8 billion in SMA AUM. Furthermore, multi-asset net inflows for fiscal year 2025 of $12.8 billion were led by positive net flows into Canvas, among others. The Benji technology platform demonstrates the firm's digital reach, having powered the Franklin OnChain U.S. Government Money Fund, which held nearly $732 million in on-chain assets across networks like Stellar, Ethereum, Arbitrum, and Solana.

Direct-to-consumer online investment platforms

While the primary focus appears to be through intermediaries, the digital presence supports direct engagement. The firm's websites, including investors.franklinresources.com, serve as a primary source for information and access. The company's overall strategy is to help clients achieve better outcomes through investment management expertise, wealth management, and technology solutions, which inherently supports direct client interaction where legally and practically feasible.

• Clients served across more than 150 countries.
• Canvas platform AUM reached $13.8 billion as of June 30, 2025.
• Institutional pipeline of won-but-unfunded mandates was $18.1 billion (Q1 FY2025).
• Benji platform supports on-chain assets near $732 million.

Finance: draft 13-week cash view by Friday.

Franklin Resources, Inc. (BEN) - Canvas Business Model: Customer Segments

You're looking at the core client base for Franklin Resources, Inc. as of late 2025. The firm serves a wide spectrum, from massive pension funds to individual retail accounts across the globe. Honestly, understanding this mix is key to seeing where their revenue engine is running.

The total preliminary Assets Under Management (AUM) as of November 30, 2025, stood at $1,674.5 billion. This figure reflects the scale across which these segments operate.

Institutional Investors (Pension Funds, Endowments, Trusts)

This segment represents a significant portion of the firm's mandate. Based on the latest available breakdown, institutional clients account for 42% of the total AUM. These mandates often involve long-term, large-scale asset management services for entities like public and private pension funds, university endowments, and charitable trusts.

Individual Retail Investors Globally

Individual retail investors form the largest single client group by percentage. As of the Q2 2025 reporting, retail investors accounted for 55% of AUM. This group accesses Franklin Resources, Inc.'s products through various vehicles, including mutual funds and exchange-traded products (ETPs). The firm serves clients in over 150 countries.

High-Net-Worth and Private Wealth Clients

While smaller in percentage terms compared to the other two main groups, high-net-worth (HNW) clients are a distinct focus, often served through specialized channels like Fiduciary Trust International. This segment represented 3% of AUM as of Q2 2025.

Global Clients, with Nearly $500 Billion AUM Outside the US

Franklin Resources, Inc. maintains a truly global footprint. While the U.S. is the dominant market, international business is substantial. Based on the latest total AUM of $1,674.5 billion as of November 30, 2025, and using the geographic split from Q2 2025, the non-U.S. portion is estimated to be around $502.4 billion (30% of total AUM). This aligns closely with the target of nearly $500 billion outside the US.

Here's the quick math on the geographic split based on the latest total AUM:

Region	Approximate AUM (USD Billions)	Percentage of Total AUM (Based on Q2 2025 Data)
U.S.	$1,172.2	70%
EMEA	$200.9	13%
APAC	$167.5	10%
Americas (Ex-US)	$117.2	7%

What this estimate hides is the exact, real-time split for November 2025, but the structure is clear.

Financial Professionals and Wealth Management Firms

This group acts as a critical distribution channel, facilitating access to Franklin Resources, Inc.'s products for both institutional and retail clients. While not explicitly broken out as a separate AUM percentage in the latest filings, their role is embedded within the servicing of the other segments. The firm's offerings, including its range of ETPs and mutual funds, are designed to be utilized by these intermediaries.

The client base composition can be summarized by the primary categories:

• Institutional investors: 42% of AUM.
• Individual retail investors: 55% of AUM.
• High-net-worth individuals: 3% of AUM.
• Global reach: Serving clients in over 150 countries.

Finance: draft 13-week cash view by Friday.

Franklin Resources, Inc. (BEN) - Canvas Business Model: Cost Structure

You're looking at the major drains on Franklin Resources, Inc.'s operating income, the costs that keep the global investment machine running as of late 2025. For an asset manager, people and technology are the biggest levers, so you'd expect those line items to be substantial.

Compensation and benefits for over 1,600 investment professionals

Compensation is the single largest cost component, which makes sense when you consider the talent required to manage over $1.6 trillion in assets. For the fiscal year ended September 30, 2025, Franklin Resources, Inc. reported $3,818.2 million in compensation and benefits expense. This figure reflects the cost of retaining the firm's investment talent, which includes more than 1,600 investment professionals globally. Looking at a quarterly projection, management guided for compensation and benefits to be approximately $880 million for the fourth quarter of 2025, which included an assumption of $50 million in performance fees at a 55% payout. Honestly, that's a massive fixed and variable cost base to cover.

Technology infrastructure and digital transformation spending

Keeping the digital plumbing modern is non-negotiable in this business. Franklin Resources, Inc. has been focused on unifying its investment management technology platform across public market asset classes to reduce complexity and long-term capital expenses. For the fourth quarter of 2025, the guidance for Information Systems and Technology (IS&T) spending was set at $155 million. This spending supports everything from trading systems to client-facing digital portals.

Distribution and marketing expenses to support global sales

Getting the word out and supporting global sales channels requires significant investment. For the full fiscal year ended September 30, 2025, the reported Sales, distribution and marketing expense totaled $2,010.9 million. This is a direct cost associated with supporting global sales efforts, though the company often notes that sales and distribution fees collected often cover a large portion of these marketing costs.

General and administrative costs for global operations

Running a global operation means substantial overhead for compliance, finance, HR, and general corporate functions. The General, administrative and other expense for the fiscal year ended September 30, 2025, was $774.5 million. For the fourth quarter alone, this category was reported at $222.8 million.

Acquisition and integration costs for acquired firms (e.g., Putnam, Apera)

Growth through acquisition is a key part of the strategy, but it comes with integration costs. While specific, isolated integration costs for the latest deals aren't always broken out as a single line item, the impact is visible. For instance, the October 2025 acquisition of Apera Asset Management, a pan-European private credit firm, was strategic, increasing Franklin Resources, Inc.'s global alternative credit assets under management by over $90 billion, bringing total alternative strategies to nearly $270 billion as of September 30, 2025. The prior inclusion of Putnam Investments also impacted the expense base in 2025, with management noting adjusted expenses were substantially similar to fiscal year 2024, less than a 1% difference, despite the additional quarter of Putnam.

Here's a quick look at the major operating expense components for the fiscal year ended September 30, 2025, based on preliminary reported figures:

Cost Category	Fiscal Year 2025 Amount (in millions USD)
Compensation and benefits	$3,818.2
Sales, distribution and marketing	$2,010.9
General, administrative and other	$774.5

You can see that personnel costs dominate the structure. If you're looking for where efficiency gains might come from, it's usually in G&A or technology optimization, but compensation is sticky.

• Compensation and benefits for FY 2025: $3,818.2 million
• Sales, distribution and marketing for FY 2025: $2,010.9 million
• General, administrative and other for FY 2025: $774.5 million
• Q4 2025 IS&T spending guidance: $155 million
• Investment professionals count: Over 1,600

Finance: draft 13-week cash view by Friday.

Franklin Resources, Inc. (BEN) - Canvas Business Model: Revenue Streams

You're looking at how Franklin Resources, Inc. actually brings in the money to run its global asset management platform. Honestly, it all comes down to the assets they manage, but the mix is shifting, which changes the revenue quality.

The primary source is definitely investment management fees, which are directly tied to Assets Under Management (AUM). For the fiscal year ending September 30, 2025, the average AUM Franklin Resources managed was $1.61 trillion. The fee rate on that base, excluding the variable performance fees, was an adjusted effective fee rate of 37.5 basis points. This is the engine room of their revenue.

When we look at the top line for the full fiscal year 2025, the reported adjusted operating revenues totaled $6.7 billion. This figure reflects a 2.1% increase from the prior year, helped by higher average AUM and those performance fees we'll discuss next. For context, the total annual revenue for fiscal year 2025 was reported as $8.77B.

Performance fees, which are the variable component tied to investment outperformance, added a significant, though less predictable, amount. For fiscal year 2025, adjusted performance fees totaled $364.6 million. That's up from $293.4 million the year before, showing a strong performance component in the year's results.

Here's a quick look at the key components making up the revenue base for fiscal year 2025:

Revenue Component	Fiscal Year 2025 Amount
Adjusted Operating Revenues	$6.7 billion
Adjusted Performance Fees	$364.6 million
Total Annual Revenue (Reported)	$8.77 billion
Ending AUM (as of 9/30/2025)	$1.66 trillion

You also see revenue coming from distribution and service fees from fund sales. While the exact dollar amount for this specific line item isn't broken out in the same way as the main components, the growth in certain product lines points to this stream's activity. For instance, the firm saw positive net flows in its ETF offerings and its Canvas AUM more than tripled since 2023.

The push into less liquid assets is key because it often commands higher fees from alternative and private market strategies. This is a strategic focus area. As of the end of fiscal year 2025, the firm reported its alternative AUM reached a record $270 billion. To give you a sense of the asset mix driving these fee structures, the Fixed Income AUM was $438.7 billion at year-end, while Equity AUM stood at $686.2 billion.

The revenue streams are supported by the underlying asset base, which saw a shift in composition during the year:

• Ending AUM as of September 30, 2025: $1.66 trillion.
• Equity AUM grew to $686.2 billion.
• Fixed Income AUM declined to $438.7 billion.
• Alternative AUM reached $270 billion.
• Long-term net outflows for the fiscal year were $97.4 billion.

The mix matters; higher allocations to alternatives generally mean stickier, higher-margin fee revenue, which helps offset pressure on traditional public market fees.