Consumer trust isn’t something to be taken for granted, but reports from the UK, US and here at home are all pointing towards an uplift in trust levels around financial advice, which can only be a welcome development.
There are significant tailwinds behind the financial advice industry at the moment, but some major obstacles are still preventing advice practices from taking advantage of surging demand according to a new study from CFS.
Pathways to bitcoin exposure in 2021: Monochrome
The growing popularity and adoption of Bitcoin within daily financial infrastructure has sparked the curiosity of many individuals regarding the allocation of Bitcoin within their portfolios and self-managed super funds (SMSF).1 A survey by New York Digital Investment Group (NYDIG) revealed that “62% of clients would switch financial advisors to one that offers advice about Bitcoin”, but that “only 3.5% of advisory clients hold bitcoin with their advisor”.2 These statistics illustrate both the desirability of bitcoin exposure from financial advisory clients around the world, as well as how early current investors are along Bitcoin’s overall adoption curve.
Beginners searching for “How do I buy Bitcoin?” on Google are usually presented with a raft of deceptive, high-leverage “crypto” products, and in many instances, scams. As a result, people associate Bitcoin with these scams, which often deters investors and prevents them from realising the benefits of holding bitcoin. Of course, different types of users will have different preferences and requirements when it comes to acquiring bitcoin (e.g. individual vs. institutional), and this article will address those various pathways, while highlighting the benefits and risks of each.
