A recent survey of financial advisors and their investment strategies revealed a “significant shift to embrace cryptocurrency.” More than 26% of respondents stated that they plan to increase their recommendation for cryptocurrencies in the next 12 months. In addition, 49% of consultants said that in the past six months, customers have asked them questions about cryptocurrency investments.
Financial advisors show a major shift in embracing cryptocurrencies
The 2021 investment trend survey conducted by the Financial Planning Magazine and the Financial Planning Association (FPA) and supported by Onramp Invest was released earlier this month.
The Financial Planning Association is the main membership organization for certified financial planners, professionals, educators, and financial services professionals. Onramp Invest is a technology company that provides registered investment advisors with access to encrypted assets.
The survey received 529 responses from financial consultants with different backgrounds and business models. It found:
The consultant showed a major shift in embracing cryptocurrency.
Cryptocurrencies were first added to the survey in 2018, when 1.4% of advisors said they are currently using or recommending them to customers. This percentage fell below 1% in both 2019 and 2020, but increased to 14% in 2021.
According to the survey results:
More than a quarter (26%) of consultants stated in the 2021 survey that they plan to increase the use/recommendation of cryptocurrencies in the next 12 months. 49% of consultants said that in the past six months, customers have asked them questions about investing in cryptocurrencies, up from 17% in 2020.
Tyrone Ross, CEO of Onramp Invest, commented: “It is clear from these results that we have reached an inflection point in the wealth management field. The client base facing advisors now requires their advisors to provide knowledge, access and access to crypto assets. Suggest.”
What do you think of this survey? Let us know in the comments section below.
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