Along with direct indexing and risk analytics, the other most interesting trend in wealthtech is an emerging race for who can provide financial advisors with secure, compliant access to the cryptocurrency market.
As we’ve covered in the past, advisors are warming to the emerging asset class but there is very little infrastructure in place for advisors to give advice to clients, let alone manage digital investments like Bitcoin. AdvisorPeak introduced crypto to its trading software in April, and in May Tyrone Ross launched his long-awaited Onramp Invest platform, which hopes to be a sort of one-stop-shop for all a RIA’s digital asset needs.
Now the traditional financial institutions are getting involved. Insurance firm MassMutual has already expressed a desire to offer a Bitcoin fund, and last week its wealthtech subsidiary Flourish announced a new service for RIAs to manage Bitcoin for clients.
They are unlikely to be the last, but not every advisor is leaping onto the bandwagon. On Twitter, Michael Kitces, co-founder of the XY Planning Network and billing software AdvicePay, laid out some of the reservations he still has about getting involved with crypto assets.
Are you taking a look at these new technology platforms to help advise clients on digital assets? Let me know via email, or hit me up on Twitter.
| | Ryan Neal
Technology Editor, Financial Planning
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| By Ryan W. Neal 5 min read | The goal of Flourish Crypto is to help advisors treat digital currencies like any other asset class. Read story → |
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