On whether to recommend Bitcoin and other digital assets for clients, financial advisers are wary about their fiduciary duty to clients, according to a CoinShares survey.
62% of 250 advisers in the survey think that recommending Bitcoin and digital assets doesn’t align with their fiduciary obligation to act in their client’s best interest, and 79% of advisers believe their role is shifting toward risk management, as their clients may seek cryptocurrency investments independently of them.
While advisors are considering digital assets, they believe there is a need for independent education on assets.
This is a concern as we may eventually see the Department of Labor approval of digital assets in 401(k) plans.
