The shift toward alternatives in wealth management is accelerating, and Fidelity’s latest move proves it is not slowing down.
Last week, Fidelity Investments announced a strategic partnership with Envestnet to roll out alternative investment capabilities via custom model portfolios. The offering allows eligible RIAs to access private market strategies such as interval funds, tender offer funds, and alt ETFs via Fidelity’s open architecture model platform. These models are now available on Envestnet and represent a major step forward in democratising alternatives for advisers.
This launch directly supports a theme we have tracked closely: rising interest in alternatives among both advisers and platforms. It’s a trend driven by multiple forces.
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Firms are racing to launch alts platforms for retail.
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Advisers are seeking differentiation through non-traditional exposures.
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Managers are turning to the RIA channel as institutional capital sources plateau.
As access and adoption increases, we expect current friction to subside with intentionality, notably the liquidity, transparency, and education barriers.
Fidelity is positioning itself at the intersection of these challenges and opportunities. With US$41B in alternatives AUM, 60+ alternative strategies, and now, custom private market models backed by Envestnet’s infrastructure (including integrations with CAIS, Canoe, and iCapital). The offering gives advisers a turnkey solution to meet growing client demand.
Fidelity is not alone. BlackRock, State Street, and Franklin Templeton have also joined forces with Envestnet to expand alternatives access, underscoring the broader industry narrative: differentiation will come from deeper diversification.
As Jordan Burgess at Fidelity put it: "We are now introducing alternatives exposure to advisers through custom model portfolios… simplifying the process for RIAs who want access to private markets."
At WealthTech Strategy Partners, we are tracking this trend closely. Whether it is private credit, infrastructure, or hedge fund access, alternative investing is no longer just for institutions, and the platforms enabling that shift are where innovation (and investment) is flowing.
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