A Growing Ecosystem and Expanding Product Shelf:
Key Considerations
for Wealth Managers
and RIAs

Private markets were historically the preserve of institutions and family offices, but that dynamic is changing by the day. Product innovation, regulatory evolution, and a greater appetite from asset managers to engage the wealth channel means that for today’s high-net-worth and mass-affluent clients, product access isn’t the problem. 

For those supporting these investors, such as wealth managers and registered investment advisers (RIAs), solving the access challenge has shifted the focus to a new set of priorities. Client expectations are rising due to increased exposure to content and information; so for those who own these client relationships, the question is no longer whether to offer private markets but how to integrate them meaningfully into the firm’s overall proposition. Below we outline some of the key considerations.

1. Thinking Through Expansion, Differentiation and Personalisation

The product provider landscape is growing, a natural by-product of industry growth. We’re seeing:

1. An increase in third-party product platforms, as an extension of their existing business models;
2. More product manufacturers going directly to wealth managers, with specific internal teams and partners; and
3. Wealth management firms increasingly recognise the value of their client relationships and seek to strengthen in-house private market capabilities; building proprietary product sets and partnering with emerging innovators as a way to differentiate their offering.

While these dynamics broaden product access, they also create a risk of fragmentation. Simply offering the “access” is no longer enough; wealth managers and RIAs need this access to be delivered effectively (we touch on this later), and in a way that’s integrated with the rest of their offering. 

So the expanded product shelf is part of the answer, but what happens next? Here we’re seeing:

1. An appetite for independent support in proposition development: Leveraging specialist, non-conflicted research providers can help firms identify and select the right product set and structures for their client base, benchmark opportunities across markets, and filter product options to meet specific criteria (such as client demand and organisational strategy).
2. Engaging directly with the source: Building relationships directly with GPs; or accessing “white glove” product solutions; allows firms to secure curated or even exclusive opportunities, while retaining the flexibility to agree investment terms directly. 

Importantly, top-tier GPs are now more willing than ever to engage with wealth managers and RIAs. Many have opened their doors to private capital in recent years, particularly as institutional capital flows have become more selective. This shift has created greater flexibility around access minimums and structures, with GPs increasingly recognising the wealth channel as a strategic source of growth. 

The combination of independent research and direct GP access allows wealth managers and RIAs to curate a product shelf that is both broad and highly tailored, aligning with client needs while preserving margin and control. By moving beyond simple access to creating a personalised, differentiated, and well-integrated product shelf, firms can transform private markets from a generic allocation into a compelling, value-accretive proposition that strengthens their role as trusted advisers. 

2. Preserving the Adviser’s Role and Supporting Liquidity

As private markets become more accessible, they risk being perceived as a “me too” in the market. Wealth managers must ensure their role remains central; not just as distributors of product, but as advisers delivering customised guidance, portfolio oversight, and reassurance to clients navigating complex, long-term opportunities.

A key element of this advisory role is helping clients manage liquidity. Even committed investors may need earlier access to capital, and advisers can add real value by facilitating secondary transactions or lending solutions. Digital infrastructure now makes it easier to support these transfers, whether within a client’s existing network or via partner firms.

By embedding liquidity solutions into the overall proposition, advisers can reduce client concerns around illiquidity, encourage allocations, and position themselves as partners who anticipate and solve real-world client needs. In this way, advice and liquidity go hand in hand: both are integral to building trust and confidence in private markets.

3. Scaling the Expanded Shelf Through the Right Infrastructure

Once the product shelf expands, effectively managing this growth and minimising fragmentation becomes a real challenge. Multiple product sources and third-party integrations, along with bespoke partnerships, open the door to greater opportunities – but with those opportunities come new considerations and added complexity. To deliver a differentiated product shelf at scale, firms need the right business model and operating system.

The right digital infrastructure enables wealth managers and RIAs to:

• Stay agnostic across product and service provider ecosystems, whilst still being able to seamlessly work with partners in an “open architecture” type model.
• Tailor offerings for different client segments, delivering a personalised experience without adding operational burden.
• Support end-to-end lifecycle management in one place, from onboarding and capital calls to reporting and secondary transactions – in a way that works for them rather than their providers. This also negates the need for manual processes and fragmented systems that can cause friction.
• Monitor risk, ensure data integrity, and maintain a clear audit trail across all products and client interactions.
• Scale operations without duplicating resources, or relying on manual workarounds.

By combining a thoughtful product strategy with robust infrastructure, wealth managers can transform their private markets capability from a niche allocation into a core, value-accretive part of their proposition.

Concluding Remarks

Private markets are moving quickly from niche to mainstream in wealth management. For wealth managers and RIAs, the challenge is no longer simply access, but how to expand and differentiate their product shelf in a way that delivers genuine value to clients.

By combining independent research with direct GP engagement, firms can curate a product offering that is broad yet highly targeted; selecting the right investment strategies, securing favourable terms, and preserving economics. Advisers who also embed liquidity solutions into their proposition reinforce their central role, moving beyond distribution to become trusted partners who anticipate and solve client needs.

To achieve this at scale, firms need the right business model, operating system, and infrastructure. With the right digital capabilities, they can manage complexity, personalise the client experience, and integrate private markets seamlessly alongside their broader offering.

Those who succeed in striking this balance – between product curation, advice, and scalable infrastructure – will be best placed to capture the next wave of growth in private markets distribution and position themselves for long-term advantage.