RFG Advisory, an independent wealth management platform based in Birmingham, Alabama, announced Monday a strategic partnership with iCapital, a global fintech firm specializing in alternative investments. The collaboration integrates iCapital's infrastructure directly into RFG's proprietary ClickONE platform, providing advisors with single sign-on access to private equity, private credit, hedge funds, and structured investments. The move is designed to reduce operational friction for advisors serving high-net-worth clients, a segment that has become increasingly competitive.
According to a BlackRock advisor trends survey released earlier this year, private market adoption among advisors reached approximately 56% in 2025, up from 49% in 2023. The survey projects adoption will climb to 69% by 2027. Despite this growth, the average portfolio allocation to private markets among advisors who use them remains at just 7%, a figure BlackRock attributes to advisor confidence gaps and client concerns about illiquidity.
RFG Advisory CEO Shannon Spotswood said in a statement that the partnership aligns with the firm's vision for the advisor experience. “The future of wealth management belongs to firms that can deliver institutional-caliber capabilities without creating more complexity for advisors,” she said. iCapital President Gary Gallagher echoed that sentiment, noting that the platform provides the infrastructure, access, and intelligence advisors need to manage strategies effectively at scale.
The InspereX Spring Advisor Pulse Survey found that 88% of advisors are already incorporating structured products into their practices. More than half (54%) expected to moderately or significantly increase their use of protection-oriented strategies for the remainder of this year, citing peace of mind, risk reduction, and growth-with-protection as top reasons. Structured products ranked first among asset classes advisors planned to increase in 2026, ahead of dividend-paying stocks, indexed annuities, market-linked CDs, and bond funds.
Ed Swenson, president of RFG Advisory, said the firm's expansion into breakaway wirehouse channels has accelerated the need for institutional-grade capabilities. “As we continue to expand into new channels, including the wirehouse breakaway space, advisors need sophisticated alternative investment and structured solution capabilities available directly through the platform,” he said. The partnership is the latest in a series of platform moves by RFG, which earlier this year launched ClickONE, made a strategic investment in AI-powered meeting intelligence firm Zocks, and appointed former Envestnet executive Jim Patrick to its board of directors.
Data from Cerulli Associates cited in the BlackRock survey indicates that 54% of U.S. household financial assets are now held by high-net-worth and ultra-high-net-worth families, up from 47% just two years ago. That concentration has intensified pressure on advisors to deliver a full suite of services, from estate planning to private market access. The iCapital partnership aims to address that demand by embedding alternatives directly into the advisor workflow.
For advisors considering similar moves, the broader trend is clear: independent platforms are racing to offer institutional-grade alternatives access. As noted in a recent article on wealth managers reporting surge in client demand for 'news-proof' portfolios, the push for diversification through private markets is a key theme. Meanwhile, firms like Corient expanding into Oklahoma with a $7.8 billion acquisition underscore the scale of consolidation in the RIA space.
