Is Crypto for Financial Advisors a Sucker’s Bet?

Larry Roth, CEO, Wealth Solutions Report

Digital Assets Investing Solutions for Financial Advisors Are Rapidly Evolving – But Total Embrace of Crypto Remains Elusive 

To My Fellow WSR Community Members:

“The biggest problem with crypto investing is it’s dominated by crazy cowboys.”  

This was a sentiment shared sotto voce with me by a longtime industry friend who has been analyzing the evolution of crypto asset management solutions for financial advisors.

Before you dismiss this individual’s thinking as reactionary and typical for folks from a more traditional wealth management professional background, I’d like to emphasize that my friend added the following:  

Is the existential threat of Cryptocurrency not being real, really gone?

“And that’s a shame, because as an asset class, crypto is here to stay.  The challenge for financial advisors is how to cut through all the vaporware and garbage to identify solutions and strategies that actually work.”

He’s certainly not alone in that thinking.  After our last investment solutions-focused issue in October, as well as last week’s terrific article by Onramp’s Caitlin Cook, we received an outpouring of reader interest in a “crypto demystified” issue.

And the WSR team was happy to oblige.  Here’s what we have on tap for this week:

Love them or hate them: Cryptocurrencies are here to stay.
  • While we had Dan Eyre’s attention, we also asked him to share his thoughts on the biggest myths that financial advisors face about crypto investing on behalf of clients – And what the actual realities are.  His insights are in this week’s Digital Domain section.
  • We’d be sugarcoating things if we didn’t acknowledge that, for all the increasingly mainstream acceptance that crypto as an asset class has achieved in a comparatively short time frame, there continue to be doubters and critics.  Essential Edge’s Sander Ressler, one of the most widely respected compliance supervision consultants in the wealth management space, outlines why financial advisors should continue to proceed with extreme caution when it comes to crypto.  You can find his article in our Beltway & Beyond section.
  • And to top things off, James Miller has curated a selection of top news stories about wealth management that have appeared over the past 30-45 days, as selected by me and my WSR colleagues.  Check it out in our Newsmakers Roundup section, which includes the key summaries of each piece (so you don’t have to read it all yourself), along with our analysis on why it matters.
But first – make sure you’re not being fooled.

As always, we’re thrilled to present to the WSR community analysis, insights and news from wealth management industry leaders, for wealth management industry participants.

This issue has been built on your feedback and suggestions, so please don’t hesitate to let us know your comments – And to share content that resonates with you with your industry colleagues, friends and other contacts, especially via LinkedIn.

WSR’s continued double digit monthly increases in traffic, visibility and engagement clearly reflect your continued support – On behalf of the entire WSR team, thank you for being part of our growing community!

Cheers!

Larry Roth, CEO
Wealth Solutions Report

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