Franklin Resources, Inc. (BEN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da Global Asset Management, a Franklin Resources, Inc. (Ben) permanece como um titã, orquestrando um modelo de negócios sofisticado que combina perfeitamente a experiência financeira, a inovação tecnológica e as estratégias centradas no cliente. Com uma abordagem robusta que abrange parcerias estratégicas, diversas soluções de investimento e plataformas digitais de ponta, Ben criou um nicho único no cenário competitivo de gerenciamento de patrimônio. De indivíduos de alta rede a investidores institucionais, o ecossistema abrangente da empresa oferece estratégias de investimento personalizadas que prometem não apenas crescimento financeiro, mas uma abordagem transformadora da criação e gerenciamento de riqueza.

Franklin Resources, Inc. (BEN) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com instituições financeiras globais

A Franklin Resources mantém parcerias estratégicas com as seguintes instituições financeiras globais:

Instituição parceira	Detalhes da parceria	Escopo de colaboração
Allianz Global Investors	Colaboração de gerenciamento de investimentos	Estratégias de investimento transfronteiriço
BNY Mellon	Parceria de serviço de ativos	Administração de custódia e fundo

Parcerias de distribuição com bancos e corretores internacionais

A rede de distribuição -chave inclui:

• Morgan Stanley - plataforma de distribuição global
• UBS Financial Services - Distribuição de gestão de patrimônio
• Charles Schwab - Fundo Mútuo e Distribuição de ETF

Colaboração de tecnologia com empresas de análise de fintech e dados

Parcerias de tecnologia focadas em:

Parceiro de tecnologia	Foco de colaboração	Investimento em tecnologia
Tecnologias Palantir	Integração de análise de dados	US $ 12,5 milhões para investimento anual
Bloomberg LP	Dados financeiros e análises	US $ 8,3 milhões de colaboração anual

Pesquisa de investimento e parcerias de rede consultiva

As redes de colaboração de pesquisa incluem:

• Instituto CFA - Desenvolvimento de padrões de pesquisa
• Morningstar - Investment Research Insights
• S&P Global - Integração de pesquisa financeira

Plataforma de fundos mútuos e parcerias de infraestrutura de negociação

Parcerias de negociação e plataforma:

Parceiro da plataforma	Serviço de infraestrutura	Volume anual de transações
Fidelity Investments	Infraestrutura de negociação	US $ 47,6 bilhões de transações anuais
Corretores interativos	Plataforma de negociação eletrônica	Volume de negociação anual de US $ 32,4 bilhões

Franklin Resources, Inc. (BEN) - Modelo de negócios: Atividades -chave

Desenvolvimento de gerenciamento de ativos e portfólio de investimentos

A Franklin Resources gerencia US $ 1,4 trilhão em ativos em 31 de dezembro de 2023. A Companhia opera em várias categorias de investimento com a seguinte alocação de ativos:

Categoria de ativos	Total de ativos sob gestão
Fundos de ações	US $ 612 bilhões
Fundos de renda fixa	US $ 456 bilhões
Estratégias multi-ativos	US $ 224 bilhões
Investimentos alternativos	US $ 108 bilhões

Design de produto financeiro e inovação

A Franklin Resources desenvolve produtos de investimento em várias plataformas:

• Fundos mútuos: 214 fundos distintos
• Fundos negociados em bolsa (ETFs): 47 ofertas de ETF diferentes
• Soluções institucionais de investimento: 86 estratégias de investimento especializadas

Pesquisa de investimento e análise de mercado

Métricas de investimento em pesquisa:

Categoria de pesquisa	Métricas quantitativas
Analistas de pesquisa	372 Profissionais Globais
Escritórios de pesquisa global	18 locais internacionais
Orçamento de pesquisa anual	US $ 124 milhões

Gerenciamento de relacionamento com o cliente

Estatísticas de engajamento do cliente:

• Contas de clientes totais: 22,5 milhões
• Clientes institucionais: 4.837
• Contas de investidores de varejo: 17,8 milhões

Execução da estratégia de investimento global

Métricas globais de implantação de investimentos:

Região geográfica	Ativos sob gestão
Estados Unidos	US $ 892 bilhões
Europa	US $ 276 bilhões
Ásia-Pacífico	US $ 184 bilhões
América latina	US $ 48 bilhões

Franklin Resources, Inc. (BEN) - Modelo de negócios: Recursos -chave

Profissionais de experiência financeira e de investimento extensos

A partir de 2024, a Franklin Resources emprega 7.900 funcionários no total. Os profissionais de investimento representam aproximadamente 2.600 desses funcionários em vários locais.

Categoria de funcionários	Número
Total de funcionários	7,900
Profissionais de investimento	2,600
Locais globais de escritórios	36

Plataformas proprietárias de pesquisa e análise de investimento

A Franklin Resources investe US $ 215 milhões anualmente em infraestrutura de tecnologia e pesquisa.

• Sistemas avançados de análise de dados
• Ferramentas de modelagem de investimento proprietárias
• Plataformas de pesquisa de aprendizado de máquina

Portfólios de fundos de investimento diversos

Categoria de fundo	Total de ativos sob gestão (AUM)
Fundos de ações	US $ 386 bilhões
Fundos de renda fixa	US $ 294 bilhões
Fundos multi-ativos	US $ 167 bilhões

Forte reputação da marca no gerenciamento de ativos

Franklin Resources gerencia US $ 1,4 trilhão no total de ativos a partir do quarto trimestre 2023.

Infraestrutura tecnológica avançada

• Sistemas de gerenciamento de investimentos baseados em nuvem
• Investimento de infraestrutura de segurança cibernética: US $ 45 milhões anualmente
• Ferramentas de otimização de portfólio acionadas pela IA

Os gastos com tecnologia representam 4,2% da receita total da empresa em 2024.

Franklin Resources, Inc. (Ben) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de investimento global

A partir do quarto trimestre de 2023, a Franklin Resources gerencia US $ 1,47 trilhão em ativos globais sob gestão (AUM). A empresa oferece soluções de investimento em 45 países em todo o mundo.

Categoria de investimento	Total AUM (US $ bilhões)	Cobertura global do mercado
Fundos de ações	US $ 612 bilhões	42 países
Fundos de renda fixa	US $ 413 bilhões	37 países
Investimentos alternativos	US $ 245 bilhões	22 países

Estratégias de investimento diversificadas em várias classes de ativos

A Franklin Resources oferece estratégias de investimento em diversas classes de ativos com a seguinte alocação:

• Estratégias de patrimônio: 41,6% do total de AUM
• Estratégias de renda fixa: 28,1% do total de AUM
• Estratégias multi-ativos: 18,3% do total de AUM
• Investimentos alternativos: 12% do total de AUM

Serviços personalizados de gerenciamento de patrimônio

A empresa atende a aproximadamente 25 milhões de investidores individuais globalmente, com um tamanho médio de portfólio de US $ 58.600.

Segmento de cliente	Número de clientes	Valor médio do portfólio
Investidores de varejo	18,5 milhões	$42,300
Investidores institucionais	6,5 milhões	$215,000

Abordagem de investimento transparente e orientada ao desempenho

A Franklin Resources mantém um histórico de desempenho com as seguintes métricas:

• 68% dos fundos gerenciados ativamente superaram sua referência em 2023
• Taxa de despesas médias do fundo: 0,82%
• Morningstar Classificação: 3,7 de 5 estrelas

Capacidades avançadas de gerenciamento de riscos

Estatísticas de gerenciamento de riscos para estratégias de investimento em recursos de Franklin:

Métrica de risco	Medição
Volatilidade do portfólio	12.4%
Proporção de Sharpe	1.35
Retirado máximo	-14.2%

Franklin Resources, Inc. (Ben) - Modelo de Negócios: Relacionamentos do Cliente

Consultores de gerenciamento de patrimônio dedicados

A Franklin Resources mantém 706 consultores financeiros a partir do terceiro trimestre de 2023. Tamanho médio do portfólio de clientes: US $ 2,3 milhões. Taxa de retenção de clientes: 87,4%.

Categoria de consultor	Número de consultores	Ativos médios do cliente
Gerentes de patrimônio sênior	186	US $ 4,7 milhões
Advisores de nível intermediário	372	US $ 1,9 milhão
Junior Advisors	148	$850,000

Consulta de investimento personalizado

Os serviços de consulta de investimento cobrem 92% da base de clientes. Frequência de consulta personalizada: Trimestralmente para clientes de alta rede, semestralmente para contas padrão.

• Tempo de consulta de alto patrimônio líquido: média de 3,2 horas por cliente
• Tempo de consulta da conta padrão: média de 1,1 horas por cliente
• Opções de consulta digital: 64% do total de consultas

Plataformas de engajamento de clientes digitais

Usuários da plataforma digital: 1,2 milhão em dezembro de 2023. Taxa de envolvimento de aplicativos móveis: 73%.

Recurso da plataforma	Porcentagem do usuário	Interações mensais médias
Rastreamento de portfólio	91%	8.6
Execução comercial	62%	3.4
Análise de desempenho	78%	5.2

Relatórios regulares de desempenho do portfólio

Frequência de relatórios: mensalmente para contas acima de US $ 500.000, trimestralmente para contas abaixo de US $ 500.000.

• Documentos totais de relatórios gerados em 2023: 4,7 milhões
• Relatório Digital Preferência: 86% dos clientes
• Relatório impresso preferência: 14% dos clientes

Desenvolvimento de estratégia de investimento personalizado

Clientes com estratégias de investimento personalizadas: 68% da base total de clientes.

Tipo de estratégia	Porcentagem de clientes	Retorno médio anual
Estratégia conservadora	22%	5.3%
Estratégia equilibrada	36%	7.6%
Estratégia agressiva	10%	9.2%

Franklin Resources, Inc. (Ben) - Modelo de Negócios: Canais

Plataformas de investimento on -line

Franklin Templeton opera várias plataformas de investimento on -line com as seguintes características:

Plataforma	Base de usuários	Ativos sob gestão
Franklin Templeton Direct	1,2 milhão de usuários registrados	US $ 58,4 bilhões em investimentos em plataforma digital
Portal de investidores institucionais	3.800 clientes institucionais	US $ 426,7 bilhões gerenciados através de interfaces digitais

Aplicativos de investimento móvel

Estatísticas de aplicativos de investimento móvel:

• Downloads de aplicativos móveis: 750.000 a partir de 2023
• Usuários ativos mensais médios: 425.000
• Volume da transação através de plataformas móveis: US $ 12,3 bilhões anualmente

Redes de consultores financeiros

Detalhes da rede de distribuição:

Tipo de rede	Número de consultores	Aquisições anuais de clientes
Consultores financeiros independentes	15.600 parceiros registrados	48.700 novos relacionamentos com o cliente
Relacionamentos de corretores	280 empresas de corretor ativo	US $ 86,2 bilhões em investimentos referidos

Equipes de vendas diretas

Composição da força de vendas:

• Total de representantes de vendas diretas: 1.275
• Cobertura de vendas global: 38 países
• Receita média anual por representante de vendas: US $ 3,6 milhões

Canais de marketing e comunicação digital

Métricas de engajamento digital:

Canal	Seguidores/assinantes	Engajamento anual
LinkedIn	285.000 seguidores	4,2 milhões de impressões de conteúdo
YouTube	78.000 assinantes	2,1 milhões de visualizações de vídeo
Marketing por e -mail	1,7 milhão de assinantes	22,4 milhões de e -mails enviados anualmente

Franklin Resources, Inc. (BEN) - Modelo de negócios: segmentos de clientes

Investidores individuais de alta rede

A partir do quarto trimestre de 2023, a Franklin Resources atende a aproximadamente 146.000 investidores individuais de alto patrimônio líquido com ativos totais sob gestão (AUM) de US $ 32,7 bilhões nesse segmento.

Categoria de investidores	Total de ativos	Investimento médio
Indivíduos de alta rede	US $ 32,7 bilhões	US $ 224.000 por investidor

Investidores institucionais

A Franklin Resources gerencia US $ 521,5 bilhões em carteiras de investimentos institucionais em vários setores.

• A base de clientes institucionais abrange 170 países
• Tamanho médio do portfólio institucional: US $ 63,4 milhões
• O segmento institucional representa 48% do total de AUM

Gerentes de fundos de aposentadoria

A empresa gerencia US $ 187,3 bilhões em produtos de investimento focados em aposentadoria.

Tipo de fundo de aposentadoria	Total de ativos	Número de fundos
401 (k) Fundos de aposentadoria	US $ 112,6 bilhões	1.247 fundos
Contas de aposentadoria do IRA	US $ 74,7 bilhões	836 fundos

Fundos de pensão corporativa

O gerenciamento de fundos de pensão corporativo totaliza US $ 214,6 bilhões em vários setores do setor.

• Fundos de pensão do setor de tecnologia: US $ 47,2 bilhões
• Fundos de pensão de serviços financeiros: US $ 62,9 bilhões
• Fundos de pensão do setor manufatureiro: US $ 104,5 bilhões

Clientes de gerenciamento de patrimônio globalmente

A Franklin Resources atende clientes de gerenciamento de patrimônio em 35 países com US $ 276,8 bilhões em ativos globais.

Região geográfica	Total de ativos	Número de clientes
América do Norte	US $ 187,3 bilhões	62.000 clientes
Europa	US $ 54,2 bilhões	18.500 clientes
Ásia-Pacífico	US $ 35,3 bilhões	12.700 clientes

Franklin Resources, Inc. (BEN) - Modelo de negócios: Estrutura de custos

Compensação de funcionários e aquisição de talentos

No ano fiscal de 2023, a Franklin Resources registrou despesas totais de remuneração e benefícios de US $ 2,325 bilhões. A força de trabalho da empresa consistia em aproximadamente 9.700 funcionários em todo o mundo.

Categoria de despesa	Quantidade (em milhões)
Salários e salários	$1,845
Bônus de desempenho	$312
Benefícios dos funcionários	$168

Manutenção de tecnologia e infraestrutura

Os custos de tecnologia e infraestrutura dos recursos da Franklin totalizaram US $ 456 milhões em 2023, com investimentos importantes em:

• Infraestrutura de computação em nuvem
• Sistemas de segurança cibernética
• Plataformas de gerenciamento de investimentos
• Tecnologias de análise de dados

Despesas de marketing e aquisição de clientes

As despesas de marketing para o ano fiscal de 2023 foram de US $ 187 milhões, concentrando -se em:

Canal de marketing	Gastos (em milhões)
Marketing digital	$82
Publicidade tradicional	$65
Patrocínio de eventos	$40

Conformidade regulatória e custos legais

As despesas legais e de conformidade com recursos de Franklin totalizaram US $ 94 milhões em 2023, divididos da seguinte forma:

• Taxas de arquivamento regulatório: US $ 28 milhões
• Salários do pessoal de conformidade: US $ 42 milhões
• Consultoria legal externa: US $ 24 milhões

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para a Franklin Resources em 2023 foram de US $ 112 milhões, com áreas de foco, incluindo:

• Desenvolvimento da estratégia de investimento
• Integração de inteligência artificial
• Inovação de produtos digitais

Resumo da estrutura de custos total para 2023:

Categoria de custo	Despesas totais (em milhões)
Compensação dos funcionários	$2,325
Infraestrutura de tecnologia	$456
Marketing	$187
Conformidade regulatória	$94
Pesquisa e desenvolvimento	$112

Franklin Resources, Inc. (BEN) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de portfólios de investimento

A partir do quarto trimestre 2023, a Franklin Resources relatou US $ 1,52 trilhão em ativos sob gestão (AUM). Taxas de gerenciamento geradas aproximadamente US $ 4,8 bilhões em receita anual do gerenciamento de portfólio de investimentos.

Categoria de ativos	Porcentagem de taxa de gerenciamento	Receita anual
Fundos de ações	0.75% - 1.25%	US $ 1,9 bilhão
Fundos de renda fixa	0.50% - 0.85%	US $ 1,6 bilhão
Fundos híbridos/equilibrados	0.65% - 1.00%	US $ 780 milhões

Remuneração baseada em desempenho

Taxas de desempenho em 2023 totalizaram US $ 127 milhões, representando 2,6% do total de fluxos de receita.

Taxas de serviço de consultoria

Serviços de consultoria institucional gerados US $ 342 milhões na receita anual, com uma taxa média de 0,35% dos ativos gerenciados.

Comissões de transação

Receitas relacionadas à transação para 2023 alcançaram US $ 216 milhões, com o colapso da seguinte forma:

• Comissões de negociação de ações: US $ 89 milhões
• Comissões de negociação de renda fixa: US $ 73 milhões
• Taxas alternativas de transação de investimento: US $ 54 milhões

Fundo mútuo e receita de produtos ETF

Total Fund Mutual e receitas de produtos ETF em 2023 foram US $ 2,1 bilhões.

Categoria de produto	Receita total	Quota de mercado
Fundos mútuos	US $ 1,65 bilhão	4.2%
Produtos ETF	US $ 450 milhões	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.