A 2026 Wealth Pulse survey from FTSE Russell found that a large majority of affluent investors rely on their financial advisors to make allocations to private markets. Yet a substantial number of advisors have not yet addressed their clients’ interest in such allocations.

In an online survey of 600 U.S.-based private investors with at least $500,000 in investable assets, 77% said they invest in private markets through a financial advisor. Another 89% of investors who employ an advisor said they would allocate to private markets if their advisor strongly recommended it. Without that recommendation, 55% of surveyed investors were interested in private market investments. However, a substantial number of advisors might be missing an opportunity to help their clients with private-market allocations, according to FTSE Russell researchers. Only 26% of investors said they held in-depth discussions with their advisor about private markets investments. Another 30% haven’t had any such discussions, even though they are interested in private markets.

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FTSE Russell also found a significant split in affluent investors’ interest in private markets allocations based on age. Overall, 32% of the surveyed investors had allocated money to private markets. However, the figure is much higher among millennial investors. Within that age group, 67% of affluent investors allocate to private markets vs. 30% of Gen X investors and 11% of baby boomers. That generational divide is likely to linger: 56% of millennial investors with no allocations to private markets say they would consider them in the future, compared with just 19% of baby boomer investors.

“Our survey reveals that affluent investors have begun to give private markets investments a place in their portfolios. They’re led by savvy millennials who are already the biggest investors and have the greatest appetite to increase their investments,” an FTSE Russell researcher wrote. 

The firm found a similar age split among investors who indicated they would be interested in allocating to private markets through their workplace plans. While 77% of workplace plan participants said they would consider participating if their plan offered private market options, and 35% said they would definitely participate, the latter figure was several times higher among millennials vs. baby boomers. Half of millennial investors (50%) would definitely allocate to private markets through their workplace plan compared to 13% of baby boomer investors. 

FTSE Russell conducted its survey online from March 18 to March 30 this year. All of the respondents to the survey were aged 25 or older and were involved in their household’s financial decision-making. Over half—393—of the 600 survey respondents held $1 million or more in investable assets, including through allocations to ETFs, mutual funds and individual stocks. 

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