VIPs are venturing into encryption, but many consultants are still hesitant

VIPs are venturing into encryption, but many consultants are still hesitant

“I think the Onramp platform will make it easier for those advisors who want to get their clients allocated to crypto to do so,” according to Joel Bruckenstein, head of Technology Tools for Today (T3). Movement, but Slowly “Based upon our experience last year when we had Ric Edelman,” founder of Edelman Financial Engines, “organize a half-day seminar on crypto, it seems to me like there is movement in that direction, but it has been slow to date,” Bruckenstein told ThinkAdvisor by email Tuesday.

Onramp is a crypto-asset integration platform for financial advisors led by investment advisor Tyrone Ross. It is championed by a number of prominent figures in the advisory industry; it lists Danielle Fava of Envestnet, Jamie Hopkins of Carson Group, Jason Wenk of Altruist, Douglas Boneparth of Bone Fide Wealth and Anthony Stich of Advicent among its advisors and investors. But ongoing challenges, including the Securities and Exchange Commission postponing a decision on approval of the first Bitcoin exchange-traded fund — continue to cause hesitation among advisors, RIA firm executives and industry experts told ThinkAdvisor.

Dynasty, for its part, has teamed with Eaglebrook Advisors to offer Bitcoin and other digital asset investment strategies to its network of independent advisory firms. The launch in late May of Onramp Invest — with Ritholtz Wealth Management as an initial investor — and Dynasty Financial Partners rolling out its first crypto options for its advisors could help persuade more RIAs and other advisors to start offering cryptocurrency to their clients.

But, echoing Bruckenstein, he said: “The RIA industry has always been a conservative, ‘fast follower’ marketplace. RIAs want to wait and see if a new trend or approach has staying power, and doesn’t blow anyone up.” His prediction: “Once there are some credible firms that have passed the guinea pig stage, then look for broader adoption. In this case, crypto has so many unknowns still that it does take time, but inevitably, RIAs and the ecosystem that supports them will customize solutions and then it is off to the races.” Meanwhile, Timothy Welsh, president, CEO and founder of consulting firm Nexus Strategy, said he believes “when industry leaders like Dynasty and Ritholtz embrace something new, then that portends well for the future.”

In addition, “more education is needed” in the advisor sector, he said. “I think when the SEC starts approving crypto ETFs it will lend further legitimacy to crypto as an asset class.” “Most advisors are a conservative bunch, and it takes time for newer ideas to get fully vetted and accepted in the marketplace,” he pointed out.

The News Highlights

  • VIPs are venturing into encryption, but many consultants are still hesitant
  • Check the latest Health news updates and information about health.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
How about 'Monkey Business' in Clinton?
Nanboya opens second purchasing office in France | The business
This location will not only conduct our luxury brand goods buying business, but, as a business hub for the Valuence Group in Europe, be a source of ...
News Owner Wants Justice After Stolen Plants and Pots in Warren
News Owner Wants Justice After Stolen Plants and Pots in Warren
Battee can only guess they were stolen because the person didn’t want to buy them on their own. “He ended up purchasing like seven of these for me and left ...
Golden: New contract could bring business and stability to Bath shipyard
Golden: New contract could bring business and stability to Bath shipyard
BIW’s last multi-year contract was awarded in September 2018. BIW was award $3.9 billion to build four Arleigh Burkes from 2019 through 2022, according to BIW ...
ZoomerMedia Limited Announces Third Quarter Financial Results 2020-21
ZoomerMedia Limited Announces Third Quarter Financial Results 2020-21
Additional Information Story continues Detailed financial information and Management’s Discussion and Analysis for the nine months ended May 31, 2021 can be ...
Doctor’s offices rarely see differences between home health agencies
Doctor’s offices rarely see differences between home health agencies
“I mean, some level of quality clinical care is absolutely a necessity to stay in business, or you’re not going to get referrals,” Massey said. “However, there ...
Researchers seek to end racial prejudice in maternal health |  FIU News
Researchers seek to end racial prejudice in maternal health | FIU News
“The project is interdisciplinary in its approach. We want a network of people who understand better the solutions to the problem,” Cornelius said. Over the ...
Wolf, task force urges lawmakers to promote COVID vaccination |  Pennsylvania News
Wolf, task force urges lawmakers to promote COVID vaccination | Pennsylvania News
As of Friday, 62.8% of Pennsylvanians 18 and older are fully vaccinated. 78.1% of residents 18 and older have received at least one dose. The state reported ...
Power Integrations Reports Second Quarter Financial Results
Power Integrations Reports Second Quarter Financial Results
Financial Outlook The company paid a cash dividend of $0.13 per share on June 30, 2021. A dividend of $0.13 per share will be paid on September 30, 2021 to ...
'I want a solution to this problem' |  Business owner in downtown Austin reacts to implementation of camping ban
PG&E could face criminal charges for deadly arson in California
Prosecutors hadn’t yet decided which charges to file, but they plan to do so before the September anniversary of the blaze, Bridgett said. PG&E said the ...
Inside the $ 7 billion merger of Sequoia Financial and Wealthstone Advisors
German federal court sides with Lindt in the battle of the golden rabbit
The court said it didn’t matter that the company didn’t use the gold color for all or most of its products, or that the Lindt bunny has other distinguishing ...
Show next
Compsmag - Latest News from tech, business and health
Logo