Michael Becker on Navigating Private Markets with Confidence, as Featured in Financial Planning
As private market investing gains traction among registered investment advisors (RIAs) and high-net-worth investors, Michael Becker, partner at the St. Louis-based registered investment advisor Toberman Becker Wealth, plays a key role in helping clients gain access while staying mindful of the risks.
In the recent Financial Planning article Mindful of Risks, Rias Steer Clients Into Private Markets Becker offers valuable insights into how technology, regulatory shifts, and careful vetting are opening up new opportunities for investors looking beyond traditional stocks and bonds.
Historically, private markets, such as private equity and private credit, were difficult to access, burdened with lengthy paperwork and strict eligibility standards. Many offerings were reserved for “qualified purchasers” with $5 million or more to invest. But as Becker explains, things have changed.
Becker states:
“Today, accredited investors with a net worth of $1 million (excluding their primary residence) or an annual income of $200,000 can participate more easily. With technological advancement, you can complete most subscription documents through DocuSign or online onboarding platforms."
He noted that fintech platforms like CAIS, iCapital, and +Subscribe have significantly reduced barriers for RIAs and clients. These platforms also provide better reporting and transparency, two previously lacking factors in the alternative investments space.
Becker is candid about the challenges:
“There are a ton of bad alternatives out there. That’s why our firm relies on the due diligence of large, well-resourced asset managers such as Blackstone, J.P. Morgan, and BlackRock. These firms offer deeper pools of capital for diversification and actively manage investments, often securing board seats in portfolio companies.”
This hands-on approach, Becker argues, helps justify the sometimes steep fees assessed by these large asset managers, often around 2%, associated with these funds.
“We view those fees as justified because of the professional management you’re getting.”
As a fee-only advisor, Toberman Becker Wealth doesn’t receive commissions for steering clients into any specific investment, reinforcing their fiduciary responsibility to act in clients’ best interests.
Becker noted that another factor driving interest in private markets is the shrinking pool of public companies. U.S. public listings have dropped by over half since the late 1990s, leaving fewer options in traditional markets.
“Private equity and credit are likely offering some of the best opportunities today.”
Ultimately, Becker’s approach combines technology, fiduciary care, and selective access to institutional-quality investments. As private markets become more mainstream, his leadership ensures clients are not only participating but doing so with eyes wide open and strategies aligned with long-term goals.
Industry Context
This trend isn’t isolated. In a separate Financial Planning article, Becker continues this sentiment:
“Clients may not know much about private investments, but they are often looking for ways to diversify their portfolios beyond stocks and bonds, particularly at times like the current period of economic volatility.”
He added here:
“[Private investments] have been talked about a lot more, so firms feel the need to offer that," he said. "And if the firm doesn't offer private investments, that's probably a red flag for some clients.”
Becker’s insight highlights a growing expectation: firms must be ready to educate clients and offer sophisticated strategies, or risk losing credibility. Clients open to illiquid assets may access differentiated returns, but success depends on informed guidance.
Could private markets play a role in your portfolio?
Book a complimentary consultation with our team today to learn how our approach might align with your goals.
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Michael is a highly knowledgeable and experienced partner at Toberman Becker Wealth in St. Louis. With his expertise in investment management, behavioral finance, and retirement planning, Michael is dedicated to providing his clients with the best financial guidance possible.
Having worked with clients on complex estate planning and developing investment strategies for a team of advisors, Michael’s experience spans across various areas of financial planning. What truly sets him apart is his unyielding desire to acquire knowledge for the betterment of his clients. At Toberman Becker Wealth, this commitment to continuous learning is the foundation upon which exceptional client experiences are built.
Michael earned a Bachelor of Science degree in Finance and Banking from the University of Missouri – Columbia. Additionally, he holds designations as a Chartered Financial Analyst (CFA) charterholder and Certified Financial Planner (CFP).
Beyond his professional achievements, Michael enjoys a fulfilling personal life in St. Louis. Living with his wife, Lindsey, and their beloved dog, Birk, he finds joy in activities such as golfing together and exploring local restaurants.