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New Survey: More Than 50% of Financial Planners Are Fielding Questions About Crypto

Posted on juni 6, 2018 by Blockchain News

A new survey by the Financial Planning Association, the Journal of Financial Planning, and the FPA Research and Practice Institute shows that a whopping 53% of financial advisers have responded to client inquiries about cryptocurrencies in the past six months. Only 2% of financial advisers responded positively by classifying cryptocurrencies as a viable investment option.

The survey was conducted online in April/May 2018 and received 265 responses from financial advisers.

ETFs, or exchange-traded funds, ranked first out of 20 as the most recommended investment option for the fourth year in a row.

Highlights from the survey

Percentage of financial advisers who recommend

ETFs – 87%
Cash – 83%
Mutual Funds (non-wrap) – 73%
Stocks – 56%
Bonds – 46%
Cryptocurrency –  2%

Views on cryptocurrency investment

29% – “interesting concept to keep an eye on, but not invest in yet”
24% – “only worth investing money you can stand to lose”
18% – “fad that is best avoided”

At 87%, the percentage of financial advisers who recommend ETFs is up from 72% in 2010.

A look at the industry

The median age group of financial advisers diverges from Millennials, the generation that’s leading the interest in cryptocurrencies with over 17% invested, according to a recent study.

The 2017 FA Insight Study of Advisory Firms from TD Ameritrade reveals that the median age of a financial adviser is 47, compared to 50 two years ago. The survey of 388 advisory firms also found that the share of firms with an owner three years or less away from retirement increased 71%, from 7% in 2015 to 12% in 2017.

Advisory firms also prefer choosing successors from within the company. “Choosing a successor can be very difficult,” said Vanessa Oligino, director of business performance solutions at TD Ameritrade Institutional. “In many cases, advisors are worried about taking care of clients they’ve had for decades, and of their staff, some of whom are like family. Founders want to be absolutely sure they’re leaving their business in good hands and so they’re reluctant to pull the trigger.”

Despite older clients, the financial advisory industry is pursuing younger advisers who can generate a younger client base. The 2017 FA Insight Study of Advisory Firms shows that more firms are hiring recent college graduates to fill client-facing and revenue-generating roles.



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Your transfers and trades are at your own risk. Any loses you may incur are your responsibility. Please note that The Daily Hodl also participates in affiliate marketing programs.

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The post New Survey: More Than 50% of Financial Planners Are Fielding Questions About Crypto appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: New Survey: More Than 50% of Financial Planners Are Fielding Questions About Crypto

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