The 2026 iCapital Europe Adviser Survey reveals a European wealth management market moving from conviction to delivery. Alternative investments, once a question of whether, are now a question of how to implement, and advisers across the region are focused on extending them further across their client base.
Despite an uncertain macro backdrop, conviction has strengthened: more than a third of advisers now plan to increase allocations to alternatives over the next 12 months, up from just over one in ten a year ago. Yet Europe is not moving as a single bloc. As some firms accelerate, others are stepping back, and client interest is polarising rather than rising uniformly. The demand is real, but its direction is uneven.
Reach is this year’s most pronounced constraint. Three quarters of European advisers use alternatives, but only one in ten has more than a fifth of their clients allocating. Conviction is not the limiting factor: more than eight in ten describe themselves as confident selecting and allocating alternatives. What advisers report needing is the practical tooling to extend them further, from model portfolios built for alternatives to reporting and onboarding that work across a full client base.
The remaining friction is client-facing. Advisers point to client reporting and the challenge of explaining alternatives, rather than access or fees, as the barriers that matter most, and they rank digital client education and communication tools as their leading technology priority. Education demand has advanced accordingly, from foundational awareness towards implementation.
As alternatives become embedded in European portfolios, the firms and platforms best positioned to lead are those that supply the model portfolios, transparent reporting, and client-facing tools that allow advisers to extend alternatives beyond the clients who already hold them.
Download the full report for the complete findings across allocation, portfolio construction, barriers, technology, and education.
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ALTERNATIVE INVESTMENTS ARE CONSIDERED COMPLEX PRODUCTS AND MAY NOT BE SUITABLE FOR ALL INVESTORS. Prospective investors should be aware that an investment in an alternative investment is speculative and involves a high degree of risk. Alternative Investments often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; can be highly illiquid; may not be required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distributing important tax information; are not subject to the same regulatory requirements as mutual funds; and often charge high fees. There is no guarantee that an alternative investment will implement its investment strategy and/or achieve its objectives, generate profits, or avoid loss. An investment should only be considered by sophisticated investors who can afford to lose all or a substantial amount of their investment.
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