Dynasty Financial Partners and Allocate have expanded their partnership to give independent RIAs white-label access to private markets.
The agreement deepens a relationship that dates to 2022 and covers access to Allocate feeder funds, white-labeled fund solutions, and the firm's Allocate Insights offering. Dynasty, which reported $125 billion in assets under administration as of Q4 2025, will use Allocate's technology and custom fund services to underpin many of its private market opportunities for Network advisors.
Samir Kaji, CEO and Co-Founder of Allocate, told InvestmentNews that the timing of the expansion reflects a meaningful shift in how advisors are approaching alternatives.
"Advisors have moved beyond simply exploring alternatives and are now building more intentional, scalable programs for their clients," he said, adding that demand has evolved from simple access to a broader need for infrastructure that enables firms to structure portfolios, manage operations, and deliver a consistent, personalized client experience.
"The wealth management industry is at an inflection point in how it delivers private markets to clients, and the firms that will lead are the ones investing today in the right combination of access, structure, and service, not just deal flow," Kaji said. "Dynasty has built one of the most sophisticated independent advisor platforms in the industry, and we're proud to expand the range of private markets solutions available to its network."
Kaji pointed to three structural forces driving that inflection. Private markets have scaled to the point where they are no longer a niche allocation, with a significant share of economic value creation now happening outside public markets. The traditional 60/40 portfolio is evolving to incorporate both public and private exposures. And technology is catching up to the complexity of the asset class.
"We're building an operating system that can unify the full private markets lifecycle, which makes it much more practical for advisors to build and manage private market allocations in a scalable way," he said.
Operational friction remains the primary barrier to faster adoption, Kaji said.
"Compared to public markets or fixed income, private market investing comes with significant operational and educational barriers," he said.
Many advisors still navigate fragmented workflows across multiple systems to manage subscriptions, reporting, compliance, and client communications; in some cases a manual, paperwork-heavy process that creates hesitation even when the underlying investment case is compelling.
On the question of how the industry has approached bringing alternatives to high-net-worth investors, Kaji said that: "Historically, the industry has overemphasized access and underestimated the importance of being strategic around portfolio modeling, personalization, and matching opportunities with portfolio objectives.”
He sees the shift away from transactional, deal-by-deal investing toward structured approaches such as model portfolios or custom vehicles as evidence of a more disciplined, fiduciary mindset taking hold.
"To build valuable private markets programs at scale, they need tools that seamlessly integrate into their existing workflow and also empower them to responsibly, but efficiently, complete due diligence and educate their clients on the private market assets and funds within their portfolio," he said.
"Private markets are not one-size-fits-all, and they require more upfront education and ongoing communication than traditional assets," Kaji said, adding that Allocate has built AI-enabled education workflows into its platform to support advisors and clients through that process. "The firms that get this right are the ones that treat private markets not as a product, but as a program that's structured, transparent, and built around the client's full financial picture."
Looking out five years, Kaji said the distinguishing factor will be whether firms treat private markets as a core capability or an ad-hoc offering. Advisors who succeed will need to be able to answer three questions consistently for their clients: "What do I own, why do I own it, and how does it fit into my overall plan?"
Marc Hineman, Dynasty's Chief Operating Officer, pointed to the operational gains the expanded agreement is expected to deliver.
"We are delighted to expand our partnership with Allocate, who has continued to invest in delivering best-in-class technology and emerged as a leader in end-to-end solutions for RIAs accessing private markets," he said. "Through this expanded relationship, advisors in the Dynasty Network will continue to benefit from the scale and increased operational efficiency in how they access private market solutions."
The firms describe the partnership as structured for the long term, with joint work on workflows and client-facing tools intended to make private market participation more straightforward to manage at scale.
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