Advisors are coming around to the cryptocurrency craze as they’re being challenged increasingly to become experts on the asset class for their clients.from Boston-based market research firm Cerulli Associates Inc. shows only 10 per cent of advisors use cryptocurrency today on behalf of their clients. But over the next two years, 45 per cent say they expect to be using cryptocurrency to meet growing client demand.
In Canada, we’ve actually done really well. Our regulators have led the way in that we are the first market in the world to do a true bitcoin spot-tracking ETF with Purpose Investments Inc. Investors don’t really care where the access points are. If they really want to own an asset and believe in it, they’re going to find a way to buy it. If it happens through their advisor, fantastic, but if it means they have to sign up to a platform themselves, they will.
There are accounts to be managed where – if you can figure out what it means to be a digital asset advisor and advise clients on what sort of digital assets they should buy and how to host those assets whether in a self-directed account or a hardware-based wallet – that is something you can charge for. There is real demand for that service right now.Must-reads from Globe Advisor this weekWith both the Bank of Canada and the U.S. Federal Reserve Board raising interest rates in March and the U.S.