A sweeping new survey from FTSE Russell underscores a widening disconnect between affluent investors' appetite for private markets and the readiness of financial advisors to meet that demand. The 2026 FTSE Russell Wealth Pulse Survey, which polled 600 U.S. retail investors with at least $500,000 in investable assets—including 393 millionaires—found that nearly nine in ten (89%) advised investors would allocate to private markets if their advisor gave a strong recommendation. Yet only 26% reported having a detailed conversation about private markets with their advisor, and 48% said the topic had never come up.
Generational Divide and Current Allocations
The survey reveals a sharp generational split. Nearly two-thirds (67%) of Millennials already invest in private markets, compared with 30% of Gen X and just 11% of Baby Boomers. Among those currently invested, 74% have allocated 10% or more of their portfolio to private assets. Looking ahead, 56% of Millennials not yet invested said they may consider it, versus 19% of Boomers, suggesting the trend will accelerate as wealth transfers to younger cohorts.
Advisor as Gatekeeper
Financial advisors remain the primary conduit: 77% of investors already in private markets accessed them through an advisor, with 44% doing so via a wealth manager or private bank. While 55% of advised investors expressed interest in private markets regardless of a recommendation, that figure jumps to 89% with a strong advisor endorsement. “Our research shows investors are interested in private markets, but they’re looking for guidance,” said Adam Gebler, Americas head of Wealth at FTSE Russell. “This creates a clear opportunity to better equip advisors with the tools, education and solutions investors are seeking.”
Education and Benchmarking Gaps
Fully 72% of affluent respondents want to learn more about private markets, and advisor-led discussions rank among the top three preferred information sources for 62% of that cohort. However, performance uncertainty is the single biggest barrier cited by 42% of those not yet invested, ahead of high fees (36%) and complexity (35%). The survey found that 92% of affluent investors believe it is important to compare investments against a benchmark, and 78% said standardized benchmarks increase their confidence in private markets. Millennials place even greater emphasis on benchmarks: 62% rated them as very important, versus 40% of Gen X and 36% of Boomers.
Operational Hurdles
Frank Anduiza, head of Americas Sales at Vistra Fund Solutions, said the research exposes bottlenecks beyond advisor willingness. “The real bottlenecks are education, operational readiness and scalable infrastructure,” he said. “The industry spent decades building private markets for institutions. Now it has to redesign them for the wealth channel, with evergreen structures, greater transparency, more frequent reporting and a very different investor experience.” The lack of standardized reporting, daily pricing and transparent benchmarks—features taken for granted in public markets—remains a material drag on adoption.
Stuart Tait, head of LPPA Partnerships, UK & EU, at Carta, echoed the need for better benchmarks. “As private assets move into the mainstream wealth conversation, investors and advisors are demanding the same transparency, benchmarking, and performance clarity they expect everywhere else in finance,” he said. “That’s easier said than done in private markets, where performance data has historically been fragmented.”
The findings align with broader industry trends. A recent CFA Institute report noted that private markets have swelled to $18 trillion, prompting calls for regulatory overhaul. Meanwhile, a BofA survey found wealthy families are shifting to private markets as part of the $124 trillion wealth transfer. Advisors who can bridge the education and infrastructure gap stand to capture a significant wave of capital.
