What’s Driving the Shift to Private Markets?
Private market investments—including debt, equity, real estate and real assets—are becoming a potentially valuable portfolio diversification tool for financial advisors. A recent survey by WSJ Intelligence and Erdos Media Research of more than 300 advisors reveals the full extent of this movement toward private markets.
Behind it is a generational shift, on both the investor side and the advisor side. More than half of all advisors believe their younger clients are looking for more than a traditional portfolio. And younger financial advisors—those under 45 years of age—are more likely than their older peers to regularly construct portfolios that include both public and private investments. They also expect their client base to become increasingly invested in private markets.
Here are some key survey findings, demonstrating how younger financial advisors are helping clients invest like the future is watching.
A clear generational trend is underway, led by younger advisors.
KEY FINDINGS
4 in 5
Number of advisors who expect some clients to have allocations to private investments
“Growing net worth and need for diversification” “Greater access to private investments” “Better choices available, more clients looking to get into private assets” “Looking for better returns”
Top reasons cited:
Advisors who believe their younger clients are looking for more than a traditional 60/40 investment portfolio
56%
Advisors under the age of 45 who have one or more clients currently invested in private assets (+11% over advisors 45+)
77%
46%
Advisors younger than 45:
Advisors who say they need more client education resources on private markets
55%
Advisors age 45+
Get more insights on the role of private markets in today’s portfolio allocations.
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Among advisors, a huge majority anticipate a shift toward private investments.
This has traditionally been an asset class that younger investors have been shut out of, whether it’s higher minimums or longer lockups.
MICHAEL LANDSBERG Senior Wealth Advisor, Shareholder,
HB Wealth
Younger advisors are leading the charge today—and are likely to continue to drive growth.
For younger advisors, client education is a key to private market investment.
“Growing net worth and need for diversification” “Greater access to private investments” “Better choices available, more clients looking to get into private assets” “Looking for better returns”
Number of advisors who expect some clients to have allocations to private investments
4 in 5
Among advisors, a huge majority anticipates a shift toward private investments.
Advisors who believe their younger clients are looking for more than a traditional 60/40 investment portfolio
56%
Number of advisors who expect some clients to have allocations to private investments
4 in 5
3 in 10
Among advisors, a huge majority anticipates a shift toward private investments.
Advisors who believe their younger clients are looking for more than a traditional 60/40 investment portfolio
56%
Number of advisors who expect some clients to have allocations to private investments
4 in 5
56%
“
Younger advisors who expect significant client adoption. They predict that at least 20% of their client base will invest in private assets within three years (+10% over advisors 45+)
3 in 10
Nearly
This has traditionally been an asset class that younger investors have been shut out of, whether it's higher minimums or longer lockups.
MICHAEL LANDSBERG Senior Wealth Advisor, Shareholder, HB Wealth
The Next Generation of Financial Advisors, WSJ Intelligence and Erdos Media Research, Q3 2025.
SOURCE:
WSJ Intelligence, in collaboration with Erdos Media Research, conducted an online survey among 303 U.S. financial advisors. The study sought to understand how advisors approach their client investments and acquisition/retention through the perspectives of two distinct segments: established clients (typically males 45 years of age or older with an investment strategy of mostly traditional investments) and emerging clients (reflecting younger males under 45 years of age, ethnically diverse males, females in general and those who are gender diverse with a more diverse investment portfolio). All surveys were conducted between July 18, 2025 and August 14, 2025.
METHODOLOGY:
WSJ Intelligence, in collaboration with Erdos Media Research, conducted an online survey among 303 U.S. financial advisors. The study sought to understand how advisors approach their client investments and acquisition/retention through the perspectives of two distinct segments: established clients (typically males 45 years of age or older with an investment strategy of mostly traditional investments) and emerging clients (reflecting younger males under 45 years of age, ethnically diverse males, females in general and those who are gender diverse with a more diverse investment portfolio). All surveys were conducted between July 18, 2025, and August 14, 2025.
METHODOLOGY:
WSJ Intelligence, in collaboration with Erdos Media Research, conducted an online survey among 303 U.S. financial advisors. The study sought to understand how advisors approach their client investments and acquisition/retention through the perspectives of two distinct segments: established clients (typically males 45 years of age or older with an investment strategy of mostly traditional investments) and emerging clients (reflecting younger males under 45 years of age, ethnically diverse males, females in general and those who are gender diverse with a more diverse investment portfolio). All surveys were conducted between July 18, 2025, and August 14, 2025.
METHODOLOGY:
Investors are increasingly demanding more customization.
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KATIE SALVATERRA Managing Director, Head of SMA Sales, Nuveen
Leaning into new technology is huge for firms like ours.
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MICHAEL LANDSBERG Senior Wealth Advisor, Shareholder,
HB Wealth
We’re seeing the democratization of private markets right before our very eyes.
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LUIS PELAEZ Head of Internal Sales and Service, Nuveen
MICHAEL LANDSBERG Senior Wealth Advisor, Shareholder, HB Wealth
This has traditionally been an asset class that younger investors have been shut out of, whether it’s higher minimums or longer lockups.
“
MICHAEL LANDSBERG Senior Wealth Advisor, Shareholder, HB Wealth
This has traditionally been an asset class that younger investors have been shut out of, whether it’s higher minimums or longer lockups.
“
MICHAEL LANDSBERG Senior Wealth Advisor, Shareholder, HB Wealth
Leaning into new technology is huge for firms like ours.
“