Fidelity embraces bitcoin. Will financial advisors follow?
Financial Planning
The leading resource of news, data and analysis for the wealth management industry.
Fidelity shocked the wealth management world this week by announcing that it would add bitcoin options in its retirement plans. It’s especially interesting in light of how advisors tend to feel about crypto — they’re certainly skeptical and unsure of putting clients into an asset that is so volatile.
Just two in 10 advisors currently advise clients on crypto, according to Arizent’s report, “Flexibility, fear and fortitude: Finance faces the future,” which you can get at the link. But the majority expect that to increase significantly this year.?
So, will Fidelity's move into crypto be the catalyst that ignited a crypto mania? It may still be too early for some, and there is the fiduciary obligation to consider. Take a look at Lynnley Browning’s story on how the news is changing the landscape on crypto for advisors.
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