How wealth managers are rewriting the alternatives playbook amid macro shifts and retailization

In this episode of Critical Thinking, Teena Jilka is joined by David Scopelliti and Karl Heckenberg, President and Managing Partner at Constellation Wealth Capital, to explore how wealth managers are evolving their alternatives playbooks in response to macro shifts, changing client expectations, and the continued retailization of private markets. The conversation looks at how some firms are adapting their offerings, where scaling pressures are emerging, and what the growth of private markets could mean for the future of wealth management.

 Capital at Risk. This content was recorded in July 2026. The views expressed are those of the speaker(s). They are current as of the date of recording and subject to change without notice. Podcast guests may be from firms that Mercer evaluates or rates. Podcast guests may have commercial relationships with Mercer. Notwithstanding any separate relationship between Mercer and a guest, no guest receives direct or indirect compensation for their participation in the podcast. For Mercer’s conflict of interest disclosures, see Conflicts of Interest. None of the material presented in this podcast is intended as a recommendation or endorsement of any particular investment manager or investment. This is provided for informational and educational purposes only. This does not constitute a recommendation or an offer to purchase or sell any securities. This does not contain investment, financial, legal, tax or any other advice and should not be relied upon for this purpose. The discussion is not tailored to your particular personal and/or financial position. No investment decision should be made based on this information. Certain information may constitute forward-looking statements though there is no guarantee that these results will be achieved. Past performance of any asset class or security is not a reliable indicator of future results. Diversification does not guarantee a profit or protect against a loss. There are substantial risks associated with investments classified as alternative investments. Investors considering alternatives should have the ability, investing sophistication and experience to bear the risks associated with such investments.   Mercer makes no representations or warranties as to the accuracy or completeness of statements or information contained herein and takes no responsibility or liability (including for indirect, consequential, or incidental damages) for any error, omission or inaccuracy. This material should not be copied, distributed, published or reproduced in whole or in part without written permission. A transcript may be provided for your convenience. Mercer is not responsible for any errors in the transcript. © 2026 Marsh.  All rights reserved. Important notices

Podcast guests may be from firms that Mercer evaluates or rates. In addition, podcast guests may have commercial relationships with Mercer. Notwithstanding any separate relationship between Mercer and a guest, no guest receives direct or indirect compensation for their participation in the podcast. None of the material presented in this podcast is intended as a recommendation or endorsement of any particular investment manager or investment.