Private markets have moved from the periphery of portfolios to the center of competitive strategy, according to new research.
An overwhelming 91% of advisors said access to private investments is critical for setting their practice apart. Among those not yet offering such opportunities, 68% intend to do so within the next 12 months and 59% of that group said they’d consider switching firms to gain access.
AssetMark’s Advisor Insights: Private Markets 2025 report is based on an independent survey of 400 US financial advisors, conducted in September, shows overwhelming conviction that private markets are now essential for differentiation and client retention.
“Advisors are signaling that private markets are no longer an optional service, they’re a strategic necessity,” says Michael Kim, CEO of AssetMark. “Our research shows that clients’ desire for diversification, exclusivity, and inflation protection is accelerating adoption, and advisors are preparing to meet these expectations.”
The findings highlight a broader realignment in wealth management as public equity options narrow. With 87% of US companies generating more than $100 million in revenue still privately held, advisors are looking to private markets for growth and resilience. Of those already offering private investments, 83% plan to expand allocations over the next three years.
But enthusiasm is tempered by structural challenges including high minimums, limited liquidity, and complex onboarding, which remain the top barriers particularly for clients with under $1 million in assets. Advisors want smoother access, better data transparency, and flexible redemption options.
“Reducing entry points and improving liquidity are game changers,” says David McNatt, AssetMark’s executive vice president and chief wealth solutions officer. “These enhancements could help advisors engage clients often excluded – including investors under 40 and emerging high net worth clients – creating modern solutions that facilitate multi-generation opportunities for firms. Pairing these advancements with education and ease of use will give advisors the confidence to integrate private markets into more portfolios.”
Advisors willing to change platforms for private market access tend to manage larger books, often exceeding $500 million in assets, and serve high-income households, the report states. Firms unable to offer these capabilities risk losing top performers as well as their most affluent clients.
Respondents cited diversification (53%), investor education (50%), and ease of use (48%) as the factors most likely to drive adoption.
Cleveland RIA grows to $68 billion in assets as Philadelphia team, deepening its high-net-worth and retirement-plan practice.
Financial planning leaders say unresolved rules on fees, Roth conversions and financial aid complicate comparisons with 529 plans.
AI can personalize at scale, but without trust, it falls flat.
Teams head for W-2 independence models with practices totaling almost $1B.
Acquisition adds 400 defined benefit plans and 1.5 million participants, pushing Empower deeper into workplace benefits.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
