As competition for advisor talent intensifies, access to alternative investment products may play a growing role in how advisors evaluate firm affiliation
A new report from Cerulli Associates evaluates marketshare, business development strategies, portfolio construction, and changing demographics and client demands affecting private banks, trust departments, and non-depository trust companies. Access the full report here.
September 3, 2026, BOSTON—Advisor retention remains one of the industry’s most pressing strategic challenges. Executive concern surrounding advisor turnover is well founded, as advisors continue to demonstrate a willingness to move when they perceive limitations related to compensation, technology, or product availability, according to The Cerulli Report—U.S. Private Banks and Trust Companies 2026.
Overall, 84% of bank executives cite talent retention as a concern, with nearly half (47%) identifying the issue of advisor retention as a major business risk. While advisor decision-making is often more nuanced than firms assume, Cerulli finds that product breadth—particularly access to alternative investments—is becoming a greater part of the affiliation equation.
As investor demand (particularly from high-net-worth investors) evolves, product capability and availability are core drivers of advisor affiliation. Range of financial products, including alternative assets, ranks third among advisors’ reasons for joining their current firm, just behind access to client referrals and the firm’s reputation/brand.
“One of the largest points of disconnect between executives and their advisors appears to be regarding the importance of product choice,” says Matt Zampariolo, senior analyst. “41% of advisors rank financial products as a key reason for joining their firms, yet only 11% of bank executives cite product or investment platform expansion as an advisor retention tactic,” he adds.
As investors demand greater product choice, alternative investment capabilities may play a more meaningful role in how advisors assess whether a firm’s platform can support their long-term growth. “The best-positioned institutions will be those that embrace advisor choice and expand product capabilities, among other factors,” says Zampariolo. “In an environment where wealth continues to concentrate and competition for both clients and advisors intensifies, adaptability may ultimately prove to be the defining characteristic separating the industry’s leaders from the rest of the market,” he concludes.
About Cerulli Associates
For over 30 years, Cerulli has provided global asset and wealth management firms with unmatched, actionable insights.
Headquartered in Boston, Cerulli Associates is an international research and consulting firm that provides financial institutions with guidance in strategic positioning and new business development. Our analysts blend industry knowledge, original research, and data analysis to bring perspective to current market conditions and forecasts for future developments.
