A national survey commissioned by DealMaker, an investment platform that enables retail participation in private companies, indicates that a substantial majority of Americans believe the most lucrative private investment opportunities are intentionally withheld from them. The poll, conducted by Propeller Insights and released September 15, 2026, found that 66% of the 2,000-plus respondents think everyday people are being consciously excluded from the country's highest-growth private deals.
The findings arrive as policymakers and regulators debate expanding access to private capital markets. For financial advisors serving non-accredited clients, the data highlight a growing disconnect between investor appetite and the tools available to satisfy it. More than half of respondents (51%) said the stock market is no longer the best vehicle for building wealth in America—a sentiment that would have been striking in any recent decade but carries particular weight in 2026, as private valuations have soared while the public listing pipeline has thinned.
Securities and Exchange Commission data show that the number of U.S.-listed domestic companies fell by more than half between 1996 and 2025, while private firms now account for a growing share of capital formation. Sixty percent of survey participants said they feel the cards are stacked against them when building an investment portfolio. Trust in traditional financial institutions is notably low: only 14% expressed complete confidence in these institutions to manage money and provide sound advice.
Rebecca Kacaba, co-founder and CEO of New York-based DealMaker, characterized the results as a structural critique rather than a fleeting mood. "Our new survey shows how many Americans have noticed that access to the best investment opportunities in America has quietly become a two-tiered system," she said. "Thanks to accredited investor rules and companies staying private longer, Americans are starting to lose confidence in the market, with a growing belief it's not tailored for them to succeed."
Advisors are confronting this shift as they build client portfolios. The case for adding private market strategies is well established, but regulatory hurdles remain for most retail clients. Fifty-five percent of respondents said current accredited investor rules are not a fair way to allocate access to private markets. In December 2025, the House passed the bipartisan INVEST Act, now pending in the Senate, which would direct the SEC to modernize the accredited investor definition by adjusting income and net worth thresholds for inflation and adding criteria based on education or professional experience.
Separately, the SEC plans to issue a notice of proposed rulemaking in October 2026 aimed at expanding retail exposure to private markets through registered investment companies. Such a move could significantly reshape the product landscape for advisors serving non-accredited clients. As private market vehicles for retirement plans gain traction, the regulatory timeline is accelerating on multiple fronts.
The survey also points to a knowledge gap that advisors can address. While 54% of respondents expressed interest in investing in private companies if given the opportunity, 64% were unaware that retail investors can legally invest in private companies before an IPO. Even after learning that such investments are possible, 71% said they would not know where to start. This educational void represents an immediate opportunity for planners, regardless of how the regulatory landscape evolves.
Nearly two-thirds of respondents (66%) said the country needs more options to access and manage different types of investments. Kacaba emphasized that the issue is not a lack of interest but a lack of awareness and guidance. "People aren't walking away from private investing because they've decided it's not for them. They don't know it exists, and when they find out, they don't know how to get in," she said. "You don't fix that by asking Americans to trust a system most of them already believe is stacked against them. You fix it by opening the door."
As the SEC's proposed rulemaking moves toward a public comment period this fall, financial planners and investment advisors should monitor how changes to interval fund structures and the accredited investor definition may affect what they can legally recommend and to whom. The DealMaker survey was fielded July 11–20, 2026, by Propeller Insights. It is the second in a planned three-part series, with full results expected to be published October 6, 2026.
