Beyond 60/40: Why Real Assets Anchor the Modern Portfolio | Phil Shankweiler, Partners Group Is the traditional 60/40 portfolio evolving—or breaking down altogether? In this premiere episode of Advising the Modern Allocator, Samantha Parrinello sits down with Phil Shankweiler, CFA, CAIA, Managing Director and Head of RIA Client Solutions at Partners Group, one of the world's largest private markets firms managing over $185 billion in assets. Phil has spent his career at the intersection of traditional wealth management and institutional investing, with leadership roles at Hartford Funds, Starwood Capital Group, and now Partners Group. Together, they explore one of the most important questions facing advisors today: What belongs in the modern portfolio when public markets alone may no longer provide the diversification investors expect? The conversation examines the evolution of portfolio construction, the growing role of private markets, and why institutional investors have long relied on real assets—including private infrastructure—to build resilient, long-term portfolios. Topics discussed include: • Why advisors are moving beyond traditional 60/40 allocations • The rise of alternatives in wealth management and portfolio construction • How private infrastructure differs from stocks, bonds, and public real estate • Why institutional investors continue increasing allocations to real assets • The growth of evergreen funds and how they're expanding access to private markets • Balancing liquidity needs with long-term investment objectives • Common misconceptions about private market investing • The future of alternatives in advisor-managed portfolios • How RIAs can modernize portfolio construction for the next decade Whether you're an RIA, financial advisor, wealth manager, allocator, or sophisticated investor, this episode provides a practical framework for understanding how private infrastructure and real assets may fit into a diversified portfolio. Key Themes: Private Markets, Infrastructure Investing, Alternatives, Evergreen Funds, Portfolio Construction, Wealth Management, Institutional Investing, Diversification, Real Assets, Modern Portfolio Theory, RIA Strategies, Long-Term Investing. About Phil Shankweiler Phil Shankweiler serves as Managing Director and Head of RIA Client Solutions at Partners Group, where he works with independent advisors and wealth management firms seeking institutional-quality private market solutions. His experience spans traditional asset management, private real estate, and private infrastructure, giving him a unique perspective on the evolution of alternative investments within advisor portfolios. Subscribe to Wealth Unfiltered for conversations with leading allocators, investment managers, economists, and industry experts shaping the future of wealth management.
