At Barron’s Top Independent Advisor summit in March, Ric Edelman staged an educational event that offered financial advisors Continuing Education Credits. A number of high profile blockchain-based companies sponsored it, and The Advisor Blockchain and Cryotoassets Council presented the event.
Around 155 of the United States’ “top financial advisors and influencers in the digital asset space” underwent a half-day of training and education about distributed ledger technology and cryptocurrencies / digital assets. What is remarkable is that the majority of them were ‘bears’ when they entered the room, but left feeling rather ‘bullish’ about bitcoin and other digital assets, according to the press release.
The post-event statistics revealed the following: “Prior to the event’s start, virtually every participating advisor (96%) who completed a survey said they do not recommend cryptoassets to clients and almost eight in 10 (79%) do not plan to do so.
Their views were understandable, considering that:
- eight in 10 (80%) of these advisors said they know little to nothing about blockchain and cryptoassets;
- more than nine in 10 (92%) said they were not comfortable explaining cryptoasset concepts to their clients;
- more than eight in 10 (84%) do not own cryptoassets; and
- Nearly half (44%) said bitcoin should be considered a speculation, not as an investment.”
Why did they attend the event if they were so anti-crypto? The answer is, “because eight in 10 (80%) said they are getting questions from clients about bitcoin, and two-thirds (68%) believe some of their clients own crypto. Only 8% said their clients don’t own bitcoin, and the rest didn’t know.”
Edelman, who has been named three times by Barron’s as the nation’s #1 Independent Financial Advisor, said, “This remarkable turnaround in attitude by these top financial advisors demonstrates the urgency of teaching advisors about this important emerging asset class.”