Opinium Crypto Reserach On eToro Shows Financial Advisers Are Turning Away From Bitcoin

Financial Advisers Turning Away From Crypto

Although there has been a surge in cryptocurrency investment, it seems that financial advisors are not yet prepared to provide the advance that people are looking for.

According to eToro, Opinium performed a research study of 206 advisers and 2,003 adults. The data showed that 38 percent of investors seeking financial advice about pensions would also ask about cryptocurrency. And that 62 percent of advisers stated that they did not have confidence to provide information. Many financial advisers also reported that their clients had tried discussing cryptocurrency with them.

Iqbal Gandham of eToro discussed the matter, stating that

“Investors clearly want help when it comes to crypto assets and are looking to their advisers for their answers. However, whether due to concerns around long-term viability or a genuine lack of knowledge, independent financial advisers are shying away from these conversations.”

Grandham also continued that regulation is becoming more pertinent, especially as clients continue asking about cryptocurrencies. At this point, advisers need to improve their ability to answer.

According to Dan Farrow, SBN Wealth Management Director, he does not “shy away from generic advice,” but he also avoids giving advise that would harm his business. He added,

“Cryptocurrencies have got fraud potential all over them and advisers should not be touching them with a barge pole.”

On the other hand, accounting firms seem to be participating a lot more. For example, EY, KPMG, and PwC have hired blockchain specialists. According to Jeanne Boillet, EY Spokesperson, such efforts are a “no brainier” and that “we have no choice than to address this because some of our clients have invested in that space.”

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