Billions in private-capital fees fuel wealth advisers' profits

A Financial Times analysis shows wealth advisers at banks and independent brokerages earned over $2 billion in servicing and placement fees from evergreen private-capital funds across 16 products since 2017, led by Blackstone Breit and Bcred, with typical fees around 0.25-0.85% annually plus about 0.5% placement and up to 3.5% commissions; critics say adviser incentives helped grow private-capital allocations, while banks defend fiduciary duty and say fees vary by fund, though some have faced outflows recently.