A recent survey of financial advisors and their investing strategies shows “a significant shift to embracing cryptocurrencies.” More than 26% indicated that they plan to increase their recommendation of cryptocurrencies over the next 12 months. Furthermore, 49% of advisers said that clients have asked them about investing in cryptocurrencies in the last six months.
Financial Advisors Show Significant Shift to Embracing Cryptocurrencies
The 2021 Trends in Investing Survey, conducted by the Journal of Financial Planning and the Financial Planning Association (FPA), and supported by Onramp Invest, was released earlier this month.
The Financial Planning Association is the principal membership organization for certified financial planners, professionals, educators, and financial services professionals. Onramp Invest is a technology company providing access to crypto assets for registered investment advisors.
The survey received 529 responses from financial advisers of various backgrounds and business models. It found:
Advisers show a significant shift to embracing cryptocurrencies.
Cryptocurrencies were first added to the survey in 2018 when 1.4% of advisers indicated they were currently using or recommending them to clients. That percentage dropped to below 1% in both 2019 and 2020 but increased to 14% in 2021.
According to the survey results:
More than a quarter (26%) of advisers indicated in the 2021 survey that they plan to increase their use/recommendation of cryptocurrencies over the next 12 months. And 49% of advisers indicated that, in the last six months, clients have asked them about investing in cryptocurrencies, up from 17% in 2020.
Onramp Invest CEO Tyrone Ross commented: “It is clear from these results that we’ve reached an inflection point in the wealth management space. Advisers are now faced with a client base that demands knowledge, access, and advice from their adviser on cryptoassets.”