Alternative investments

Sports are in for the ultrawealthy; paintings, out. Some 20% of 111 billionaire families served by the Wall Street giant now own controlling stakes in sports teams.

A credit scare last month could have been a momentary blip, but financial advisors have always known there are a lot of risks in private investments.

Morgan Stanley acquires EquityZen, a private share trading platform, expanding its offerings for fast-growing startups.

Issues that feature a character's first appearance or death — or even a popular artist or writer's first publication — can command high prices. But a volatile short-term investment market and meticulous storage demands remain concerns.

Wine, whiskey, cars, handbags, guitars and watches are loved by many clients. And they may be worth serious money, too.

For clients holding crypto, about half have experienced notable losses. But 70% have experienced notable gains, the latest Financial Advisor Confidence Outlook found.

Even as Canadian investor and "Shark Tank" co-star Kevin O'Leary broke records last month with the $13 million basketball card he helped purchase, experts warn that there are pitfalls.

The regulator's Investor Advisory Committee said policymakers could abandon asset and income thresholds for determining who can put money into private markets and instead adopt a "sophistication" standard.

Merrill and Bank of America Private Bank seeks niche private equity opportunities for its ultrawealthy clients, while Goldman looks to retirement savers and Wells Fargo to everyday investors.

As access to and interest in alternative investments grow, financial advisors could differentiate themselves by earning the CAIA mark.