Fidelity + Envestnet: A New Chapter in Alternative Investments

The shift toward alternatives in wealth management is accelerating, and Fidelity’s latest move proves it’s 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 democratizing alternatives for advisors. 

This launch directly supports a theme we’ve tracked closely: rising interest in alternatives among both advisors and platforms. It’s a trend driven by multiple forces.  

• Firms are racing to launch alts platforms for retail. 

• Advisors are seeking differentiation through non-traditional exposures. 

• 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 $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 advisors a turnkey solution to meet growing client demand. 

Fidelity isn’t 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’re now introducing alternatives exposure to advisors 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’s 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.