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The massive gains posted by Bitcoin (BTC), Ether (ETH), and other cryptocurrencies since last year did not escape the attention of investors. A recent survey revealed that more financial advisers are now recommending crypto assets to their clients due to the increasing demand for these assets.
“While advisers remain cautious on digital assets, or cryptocurrencies, it seems that they may be shifting to embracing them due to client demand,” noted the authors of a report titled “2021 Trends in Investing Survey.” The survey was conducted by the Journal of Financial Planning and the Financial Planning Association in March 2021 involving 529 financial advisers.
More financial advisers are now recommending cryptocurrency to their clients. Among the survey’s 529 respondents, 14 percent say they recommend crypto, up from the less than 1 percent in last year’s survey.
The study also revealed that investors are becoming more interested in digital assets. Forty-nine percent of the respondents said that they have received inquiries about cryptocurrency from their clients. Perhaps due to the increased interest, 26 percent of the advisers plan to increase how much they recommended cryptos in the next 12 months.
The majority of financial advisers surveyed are also arming themselves with knowledge about cryptos. Fifteen percent said that they actively educate themselves and their clients, 33 percent said that they actively educate themselves and are comfortable conversing about the topic, and 48 percent revealed that they read the occasional news stories on crypto and are somewhat comfortable talking about the topic. Only 4 percent admitted that they don’t know anything about cryptocurrencies and don’t talk about crypto with clients.
When it comes to their own investment portfolios, 48 percent revealed that they invested in crypto. The remaining 52 percent have not made any personal investments in digital currencies.
In the 2021 survey, 28 percent of the participating investment professionals said crypto is a viable investment option. This is a big improvement compared to 2018, where only 1.8 percent viewed crypto as an investment.
