In a recent ION Influencers Fireside Chat, Alona Gornick, Managing Director and Senior Investment Strategist at Churchill Asset Management, provided a masterclass on the critical—and often overlooked—art of educating the private wealth channel. Moving beyond simple sales pitches, Gornick framed her role as an “educator,” detailing a strategic blueprint for how asset managers can effectively bridge the knowledge gap and build lasting trust with financial advisors.

Her insights reveal a sophisticated understanding of the client journey and the evolving needs of the massive private wealth market.

Here are the key topics and takeaways for asset managers and advisors navigating the private credit landscape.

The Three Stages of the Advisor Journey: Meeting Clients Where They Are

Gornick identified a crucial framework for engagement, categorizing advisors into three distinct stages:

1. The “If” Stage: Advisors are skeptical and questioning whether private credit is a suitable asset class at all.

2. The “When” Stage (The Most Common): Advisors are convinced on the “if” but hesitant on the “when,” often paralyzed by negative headlines and market timing concerns.

3. The “How” Stage: Advisors are all-in on private credit and are seeking sophisticated ways to diversify and implement strategies across different sub-asset classes.

Gornick spends most of her time with groups two and three, emphasizing the need to tailor the conversation to the advisor’s specific level of understanding. “The objective is if I don’t get you there today with us, at least I help you better understand this asset class… so that your next conversation… you will have a better question to ask.”

Tackling the Headlines: Demystifying the “Noise” Around Private Credit

A significant part of the educator’s role is proactively addressing negative media coverage. Gornick’s strategy is to acknowledge the headlines upfront but provide crucial context:

• Not All Private Credit is Equal: The high-profile deals that make headlines often fall completely outside the mandate of disciplined, middle-market lenders like Churchill. “The past five articles that you read… Churchill never even got the opportunity to look at those deals.”

• Dispelling the “Bubble” Myth: The growth in private credit is structural, not a fad, driven by bank disintermediation, borrower preference, and investor thirst for yield.

• Transparency is Increasing: She counters the “opaque” label by highlighting the proliferation of BDCs (Business Development Companies), which require robust SEC reporting and bring unprecedented transparency to the asset class.

The Winning Strategy: The “Generalist, Specialist, PM” Trifecta

Gornick outlined a powerful go-to-market model that is becoming essential for success in the wealth channel:

1. The Generalist: A relationship manager from a platform like Nuveen (Churchill’s parent) introduces the full suite of investment strategies.

2. The Specialist (The Educator): This role, which Gornick embodies, provides deep, technical expertise without the sales pressure. This reduces intimidation, allowing advisors to “ask the dumb question” and learn at their own pace.

3. The Portfolio Manager: Brought in at the final stage for specific, high-stakes meetings, the PM validates the strategy and provides ultimate credibility.

This layered approach builds trust and ensures the conversation progresses effectively from education to implementation.

The Future of Asset Management: Scale, Specialization, and Data

Looking ahead, Gornick made several key predictions:

• Scale is Defining: In efficient markets like U.S. direct lending, scale is critical to compete for deal flow. She predicts that mid-sized firms without scale will likely need to consolidate or pivot to niche strategies like asset-based lending.

• The Data Gap is Narrowing: While some differences will persist, the transparency in private markets is catching up to public markets. She highlighted a key advantage: private lenders get monthly financials and unparalleled access to management, offering a deeper, more qualitative view than public market investors typically receive.

• The Rise of the Educator: Gornick believes the “educator” or “specialist” role will only grow in importance. While a direct investment background adds powerful authenticity, the core requirement is “a natural intellectual curiosity” and a genuine desire to teach, not just sell.

Key Takeaways for the Industry:

• For Asset Managers: The old fundraising model is obsolete. Winning in the wealth channel requires a patient, educational approach built on a team of generalists, specialists, and PMs.

• For Financial Advisors: Manager selection is paramount. Look for firms with scale, transparency, and a commitment to education, not just performance. The most successful advisors are those in the “How” stage, continuously deepening their knowledge.

• The Bottom Line: As Alona Gornick demonstrated, in an increasingly complex and crowded market, the ability to educate clearly and authentically is the ultimate competitive advantage.

Key timestamps:

00:07 Introduction to Private Credit Education
02:05 The Role of an Educator in Finance
04:53 Advisers’ Journey in Understanding Private Credit
06:42 Navigating Market Noise and Client Reassurance
10:29 Demystifying Misconceptions in Private Credit
13:22 Future of Data in Private Markets
15:54 The Evolution of Private Credit Specialists
19:00 The Importance of Scale in Investment Management
21:12 Opportunities for Smaller Firms
21:44 Focus on Direct Lending and Secondaries
22:51 The Growing Need for Educators in Finance
24:09 Investment Experience vs. Natural Curiosity