RATE Group | Warning of cryptocurrency advice gap
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Warning of cryptocurrency advice gap

01 Nov Warning of cryptocurrency advice gap

Posted at 14:11h in Cryptocurrency News by

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There is a “significant” gap between investor appetite for advice on cryptoassets and the financial advice profession’s ability to provide it, research has found.

The research by investment platform Etoro found 38 per cent of investors who currently seek financial advice about pensions and investments would also go to an IFA for advice on cryptocurrencies but more than six in 10 (62 per cent) advisers admitted a total lack of confidence on this subject.  

A majority (63 per cent) of financial advisers said they had been asked about cryptocurrencies by clients but only 9 per cent felt highly confident providing advice on this.

Iqbal V Gandham, UK managing director at Etoro, said: “Investors clearly want help when it comes to cryptoassets and are looking to their adviser for the answers. However, whether due to concerns around long-term viability or a genuine lack of knowledge, IFAs are shying away from these conversations.

“The question is how long can advisers avoid this topic…

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