The rise of private markets and increasing intra- and inter-fund correlation among asset classes should prompt financial advisers to rethink the traditional 60-40 portfolio. "Financial advisers should continue to think about how the markets are evolving and private markets are more relevant than they've ever been," he said. "Investors in Australia are dealing with this public market challenge... Market breadth is low; the number of public companies is falling. So, that is lacking diversification opportunities, and private companies are staying private longer." Over the last 20 years, Marshall observes sophisticated investors' allocations to private markets going from 30% and up to 50%.