Looking further out, Cerulli said 71 percent of advisors will leave the business within two decades.

The funds will stop accepting new money and existing investors can sell their shares or be paid by KKR when it liquidates the pools.

Seventy-seven percent of survey respondents said they owned real estate, and 35 percent said they owned real estate investment trusts.

Job openings in the fell in December from an almost six-year high and hiring slowed, a sign the labor market cooled at the end of the year.