Despite surging interest among retail investors, most financial advisors remain unwilling or unable to handle crypto-related requests from clients, several advisors and analysts told Decrypt. 

“I talk with other financial planners all the time—99.99% of them vehemently disagree with me,” said Jim Crider, a Texas-based certified financial planner who often recommends Bitcoin to his clients. “They think Bitcoin is tulips and Beanie Babies, and absolutely worthless.” 

This skepticism could present a problem for the financial advisor industry. If demand from main street keeps growing—with Bitcoin repeatedly breaking all-time high price marks lately and other cryptocurrencies surging alongside—then advisors who don’t use or discuss crypto may risk losing clients.

“If you’re an advisor that is not able to offer it and not able to talk about it, then they might seek somebody who is willing to,” said Matt Apkarian, associate director of product development at research and consulting firm Cerulli Associates, who has studied the financial advisor industry.

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Author: Peter Saalfield