Capital markets

Some participants on the Street estimate that SMAs hold as much as $1.5 trillion of munis while others peg it closer to $1 trillion to $1.3 trillion.

Even planners who are willing to entertain investments in digital assets caution that clients should put no more in than they can afford to lose.

Alternative investments are courting private wealth more and more as insitutional money starts to dry up.

Amid high interest rates, publicly traded real estate investment trusts have been pummeled the last two years. Analysts meanwhile think their private cousins are in for further correction.

Without inflation adjustments to income and net worth criteria, the number of people who qualify to put their money into sophisticated and risky investments has skyrocketed.

Finance gurus see the coming 12 months as a time to dilute concentrations in cash and large firms' stock and consider emerging markets and small caps.

The deal follows several others in the past 12 months and reflects growing demand for retirement plan services to small businesses, Edelman said.

Apollo and other alternative asset managers are vying for executives with connections to the world's biggest fortunes.

Some think lending to businesses outside the banking system can reap outsize rewards for advisors who are willing to do their homework.

Preparation, acceptance and a generous dose of patience will be required to help investors weather a forecast that includes prolonged high-interest rates.