Advisor Pulse – Fall 2025

The latest views from financial advisors surveyed globally. [ 1 ]

Based on surveys of financial professionals across the U.S., EMEA, and APAC participating in Blackstone programming over the period July-September 2025. Average number of respondents per question: 196. Any views or opinions expressed herein reflect solely the views of the advisors who were surveyed in connection with this survey and/or Blackstone, and such views or opinions are subject to change without notice and may differ from opinions expressed by others. Blackstone has not independently verified the information received from the advisors surveyed and no representation is made as to the accuracy of such information. Any projections, expectations or other forward-looking statements set forth herein are based on assumptions that are uncertain and are subject to many factors, changing market conditions and general economic conditions, and may vary materially from the themes set forth herein. Nothing herein constitutes investment advice or recommendations and this page should not be relied upon as a basis for making an investment decision.
Diversification does not ensure a profit or protect against losses. Risk management seeks to mitigate risk, but does not reduce or eliminate risk and does not protect against losses.
Diversification does not ensure a profit or protect against losses. Risk management seeks to mitigate risk, but does not reduce or eliminate risk and does not protect against losses.
Morningstar Direct, NCREIF, Cambridge Associates, 20-year period ending December 31, 2024. Represents Blackstone’s view of the current market environment as of the date appearing in this material only. Correlation measures how one investment performs in relation to another, with a coefficient of +1 being a perfect, positive correlation and a coefficient of -1 being a perfect, negative correlation. When two asset classes have a correlation of +1, they will both move up or down by the same amount in the same direction. Conversely, a correlation of -1 indicates that when one asset class moves up or down, the other moves in the opposite direction by the same amount. In general, asset classes with a correlation of less than 0.70 or greater than -0.70 are considered to have relatively low correlation.
Morningstar Direct, as of June 30, 2025. Any investment involves a high degree of risk.
Diversification does not ensure a profit or protect against losses. Risk management seeks to mitigate risk, but does not reduce or eliminate risk and does not protect against losses.
Private real estate’s returns are largely uncorrelated to that of equities, investment grade bonds, and public REITs. Source: Morningstar, as of December 31, 2024. Private real estate is represented by the NFI-ODCE. Public REITs are represented by the total return of the MSCI U.S. REIT Index. Equities are represented by the total return of the S&P 500 Index, including dividends. Investment grade bonds are represented by the total return of the Bloomberg U.S. Aggregate Bond Index.
Private real estate has historically outpaced inflation during inflationary periods. Net operating income (“NOI”) reflects Green Street Advisors data, as of December 31, 2024. U.S. CPI reflects Bureau of Labor Statistics data, as of December 31, 2024. NOI growth represents the average NOI growth by year across the equal-weighted average of the asset-weighted average of the multifamily, industrial, mall, office and shopping center sectors. Multifamily refers to apartment; shopping center refers to strip retail. The Consumer Price Index (CPI) measures changes in the prices paid by urban consumers for a representative basket of goods and services. NOI may not be correlated to or continue to keep pace with inflation.
Diversification does not ensure a profit or protect against losses. Risk management seeks to mitigate risk, but does not reduce or eliminate risk and does not protect against losses.
Private infrastructure’s returns are less correlated to that of global equities and investment grade bonds. Source: Morningstar, as of December 31, 2024. Global Private Infrastructure is represented by the Cambridge Private Infrastructure Index. Investment Grade Bonds is represented by the Bloomberg Global Aggregate Bond Index. Global Equities is represented by the MSCI ACWI Index.