Fidelity Investments just made its biggest bet yet on bringing private markets to everyday advisor practices. The firm rolled out two new model portfolio suites on Envestnet, paired with a continuing education program called Alternative Navigator. The move arrives at a critical moment, as private credit faces its worst confidence crisis in years.
What Fidelity Is Offering Advisors Right Now
Fidelity announced two new suites of turnkey model portfolios and an expanded set of educational resources to better support wealth management firms as they seek to understand and implement alternative investments in their practices.1
Fidelity Model Portfolios with Private Markets, versioned for I and Z share classes, and Fidelity Model Portfolios with Private Markets, ETF Focused, are multi-asset class, open-architecture model portfolios that bring diversified exposure across private equity, private credit, and private real estate.1
Here is what advisors get with this launch:
- Two turnkey model portfolio suites covering private equity, private credit, and private real estate
- Investment minimums of $100,000, with the models initially available to eligible RIAs and broker-dealers through Envestnet2
- Alternative Navigator, a CE-accredited learning program designed to help advisors quickly and effectively build and apply their knowledge of alternative investments3
- The module-based program includes Fidelity-led sessions from its team of portfolio construction and alternative investment strategists, CE-approved tutorials, adviser and end-investor guides, and curated resources4
The new turnkey model suites follow the June 2025 launch of Fidelity’s custom model portfolios with alternatives.3 That means Fidelity now offers both custom and off-the-shelf paths for advisors looking to bring private markets into client accounts.
Fidelity alternative investment model portfolios Envestnet advisor education program
Why Fidelity Built Alternative Navigator
The education piece is not an afterthought. It sits at the heart of this launch.
“As interest in alternative investments grows, so does the need for education,” said Michael Scarsciotti, head of Investment Specialists at Fidelity Investments.1 “This program helps advisors deepen their knowledge of this asset class to meet clients’ evolving needs and add value to their practices.”1
Module 1, “Introduction to alternative investments,” and module 2, “The role of alternative investments in client portfolios,” are available now to advisors.3 Module 3, “A deeper dive into alternative investing strategies,” is slated for release in early 2026.1
The coursework covers everything from portfolio construction to risk management and client communication. Real-world applications and case studies help bring to life the most relevant aspects of alternatives and how advisors can implement them effectively in their practice.5
This dual approach, product plus education, matters because advisors struggle with one big problem. “Wealth managers recognize the potential for private markets to differentiate their practice and diversify portfolios, but often struggle with the time needed for research and due diligence,” said Amanda Robinson, head of wealth advisory managed solutions specialist distribution at Fidelity.6
The Numbers Behind The Push
Fidelity did not launch this in a vacuum. The demand signal is real.
With nearly half (46%) of advisors interested in a model portfolio that offers both traditional and alternative investments, Fidelity now offers a range of solutions to meet that need.3
The firm’s scale in alternatives is hard to ignore:
| Metric | Figure |
|---|---|
| Alternatives funds | More than 65 funds totaling over $50 billion in assets under management7 |
| Alternatives platform AUA | More than $100 billion in assets under administration for institutional and intermediary clients7 |
| Advisor survey interest | 46% of advisors want blended traditional and alternative models |
A growing number of financial advisors are outsourcing investment management to third parties and utilizing model portfolios to outsource investment decisions.8 With more advisors using fee-based pricing, managed accounts grew 19.8% to reach $13.7 trillion in 2024.8
Cerulli expects managed account assets to reach $31.8 trillion by 2028.8 The trend is clear. Advisors want ready-made solutions that save time without sacrificing quality.
Private Credit Storm Creates Urgent Questions
Fidelity’s timing is bold. The private credit market is under serious strain right now.
The private credit boom is facing a new test after Blue Owl Capital permanently restricted withdrawals from one of its retail-focused debt funds.9 The biggest portion of the sale came from a semi-liquid private credit fund marketed to U.S. retail investors called the Blue Owl Capital Corporation II, which will stop offering quarterly redemption options to investors.9
The fallout has spread quickly. Morgan Stanley limited withdrawals in its $7.6 billion Northaven Private Income Fund as redemption requests ballooned to 11% in the first quarter.10 Cliffwater last week moved to curb investor redemptions from its flagship Cliffwater Corporate Lending Fund after requests surged to 14%.10
This is precisely why education matters now more than ever.
Concerns about private credit have intensified in recent months, with investors grappling with questions about weakening credit quality, stale valuations, looser underwriting, redemption risk in certain types of funds, and the impact of AI-driven disruption.11
Critics have been vocal. “This is a canary in the coal mine,” Dan Rasmussen, founder and adviser at Verdad Capital told CNBC.9 Others argue the concerns are overblown. A recent survey shows nearly 90% of financial advisors have seen increased or no change in demand for private credit from their clients.12
Key Takeaway for Advisors: If you are adding private markets to client portfolios, you need a clear process, strong due diligence, and honest client conversations about liquidity risk. Fidelity’s education program attempts to address all three.
What This Means For Your Portfolio
For everyday investors, this launch could reshape how your advisor builds your portfolio. Instead of sticking only to stocks, bonds, and ETFs, your advisor now has easier access to private equity, private credit, and real estate through a single model.
But fit matters more than ever.
A turnkey model is only as good as the advisor who customizes it for your situation. Your goals, your risk tolerance, your time horizon, and your tax picture all need to match the strategy. Private markets come with trade-offs. They can offer higher returns and better diversification. They can also lock up your money and carry risks that do not show up in a traditional brokerage statement.
Fidelity Institutional Wealth Adviser, which oversees portfolio construction for both turnkey and custom institutional model portfolios, includes an experienced, specialized alternative investment manager research team that applies quantitative and qualitative analysis and a rigorous due diligence process to identify managers with high conviction.1 That is a solid foundation. But no research team can eliminate the risks baked into private lending during a turbulent cycle.
Fidelity’s move signals where the wealth management industry is heading: packaged private market solutions delivered at scale, backed by ongoing advisor training. Whether this approach raises the bar or simply makes it easier to sell complex products will depend on how seriously advisors take the education and how honestly they communicate with clients. In a market where trust is everything, the firms that pair product access with genuine knowledge building will earn the loyalty that matters most. Share your thoughts in the comments below. What do you think about advisors adding private markets to everyday portfolios?
