T. Rowe Price Group, Inc. (NASDAQ:TROW) is an active investment manager that earns most of its revenue from management fees, which naturally ebb and flow with the markets. Its product lineup is broad, stretching across mutual funds, retirement accounts, ETFs, and alternative investments.

What sets T. Rowe apart is its long track record, in-house research, and the sort of client relationships that take years to build, especially in retirement investing. These strengths support steady client retention and recurring fees. But the environment isn’t what it used to be. Competition from low-fee passive funds keeps mounting, and no asset manager is immune to losing clients when performance lags.

That’s what makes…