Blackstone may not be the future of finance — but it’s still the present.
Digital assets, such as tokenized real-world assets, are no longer fringe. Almost three-quarters of advisers believe that their customers will use these blockchain-based tools more frequently over the next three years, according to a recent Bank of America survey of 50 independent financial advisers.
Even as the investing toolbox becomes better, one name stays the same: Blackstone.
The $1 trillion alternatives behemoth still commands a huge amount of devotion from advisors, significantly more than smaller, younger competitors and even conventional asset managers who are trying to get the same flows.
A Bank of America report underscores the firm’s entrenched lead:
Blackstone was viewed as both the highest-quality brand and most used by a wide margin.
Bank of America report
The tension between rising digital disruption and established legacy dominance says more about the current state of finance — and where it’s headed — than any single data point.
Advisors pivot to digital assets, but legacy loyalties remain
The third edition of Bank of America’s Independent Advisor Survey offers a more detailed picture of where money is going and why. Digital assets are becoming more popular, but advisers are trying to find a balance between new ideas and faith in institutions.
Key findings:
- 74% of advisors expect to boost digital asset exposure over the next three years.
- 88% report increased client inquiries about crypto and tokenized assets.
- 70% still plan to raise allocations to traditional alternatives like private equity.
- Blackstone ranked as the most-used and highest-quality alternatives provider.
- 40% of advisors said they were unfamiliar with Hamilton Lane or Partners Group.
People are becoming more interested in tokenization, but confidence in brands and size still matter most when deciding how to allocate resources.
The crypto-alts collision course
Tokenized real-world assets are becoming more popular, and this is not simply a tech trend. It is also changing how wealth managers think about liquidity, custody, and transparency.
But it’s not occurring in a bubble. The poll by BofA reveals that interest in digital formats is rising, but the infrastructure and rules are lagging behind.
- Most advisors flagged regulatory clarity as essential to broader adoption.
- Frameworks such as GENIUS, CLARITY, and SEC’s Project Crypto are seen as make-or-break.
- Only $33 billion in RWAs have been tokenized so far, mostly in private credit.
In the meantime, companies that are already in the market, like Blackstone, are not sitting still.
BofA calls it a “first-mover advantage” that is hard to shake. Its focus on education, large number of advisors, and early introduction into alternatives have all contributed to this.
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This is a really important time: Can crypto-native platforms build trust and access quicker than conventional alt enterprises can make their products digital?
Or will the big companies just add the blockchain explosion to their current channels?
The race is on, no matter what.
What it means for investors
The message to investors is clear. Alternatives are no longer on the edge, and digital assets are quickly becoming more accepted. Advisors are saying that portfolio creation is changing to include both conventional private market exposure and the possibilities of blockchain-based innovations.
But infrastructure, trust, and clear rules are still needed for greater acceptance. That’s why companies like Blackstone are still in charge, at least for now.
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Their size, customer service, and brand power give them a head start that crypto-native platforms have yet to match. Even as interest in tokenized real-world assets grows, advisers continue to choose players they know.
In the years to come, investors may have more alts and digital formats in their portfolios. But the change will probably happen in stages, not all at once. For now, traditional companies are winning the race to change how wealth management works, while crypto quietly grows in the background.
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