DJIA39760.08 477.75
S&P 5005248.49 44.91
NASDAQ16399.52 83.82
Russell 20002116.20 44.40
German DAX18475.06 75.83
FTSE 1007931.98 1.02
CAC 408204.81 20.06
EuroStoxx 505082.75 17.40
Nikkei 22540762.73 364.70
Hang Seng16392.84 -225.48
Shanghai Comp2993.14 -38.34
KOSPI2755.11 -1.98
Bloomberg Comm IDX98.31 -0.37
WTI Crude-fut86.62 0.94
Brent Crude-fut81.35 -0.26
Natural Gas1.72 0.00
Gasoline-fut2.70 0.02
Gold-fut2231.10 18.90
Silver-fut24.71 0.02
Platinum-fut913.60 3.70
Palladium-fut1008.50 13.00
Copper-fut399.30 -1.70
Aluminum-spot1815.00 0.00
Coffee-fut188.95 -1.70
Soybeans-fut1189.50 -3.00
Wheat-fut547.25 -0.25
Bitcoin70444.00 1378.00
Ethereum USD3565.85 90.24
Litecoin95.10 -0.03
Dogecoin0.22 0.03
EUR/USD1.0825 -0.0004
USD/JPY151.21 -0.12
GBP/USD1.2617 -0.0002
USD/CHF0.9053 -0.0007
USD IDX104.60 0.23
US 10-Yr TR4.22 0.024
GER 10-Yr TR2.312 0.02
UK 10-Yr TR3.946 0.016
JAP 10-Yr TR0.718 -0.004
Fed Funds5.5 0
SOFR5.33 0.01

Connect Money In Your Inbox.

Sign up to get the most important news on the business of financial services delivered daily.

Sub Markets

Property Sectors

Topics

Alternative Assets  + Crypto  + Crypto  | 
CFA Institute Survey: BDs, Financial Advisors Largely Avoid Crypto Assets

CFA Institute Survey: BDs, Financial Advisors Largely Avoid Crypto Assets

A recently released CFA Institute survey finds that more than 90% of the survey’s respondents reported that their firms do not allow reps to solicit sales of crypto assets. Moreover, 67% of financial advisors said they would not sell them to clients even if they could. Only 14% of the respondents said they would, while 19% said they were unsure.

But the survey also reveals a generational divide, with early-career advisors expressing the most openness to crypto assets and late-career advisors expressing the least interest.

“The survey results show that, despite all the attention that crypto has gained, it still has a long way to go before entering the mainstream of retailing investing,” noted Stephen Deane, senior director for Capital Markets Policy at CFA Institute.

That being said, “the findings also show greater receptivity among broker reps who have entered the field in the past five years and probably have younger clients,” Deane added.

According to the study, advisors with five years of experience or less “were most likely to be open to recommending crypto assets if they could, with 38% saying they would. Within that same group, 69% said they are comfortable discussing the topic with clients.”

Advisors with more than 20 years of experience, however, “were far less open, with only 12% saying they’d sell crypto assets were they available. This group was also less comfortable talking about crypto assets (40%) than their less experienced peers.”

Furthermore, 31% of advisors with less than five years of experience believe they’re extremely or very knowledgeable about crypto, while an additional 38% believe they’re moderately knowledgeable and 31% slightly knowledgeable, the CFA Institute said.

The survey found only a limited increase in investor interest in crypto over the past 12 months, with 44% of advisors reporting no increase. The survey was conducted in November 2022 among members of the Financial Services Institute who are US broker-dealer representatives and received responses from 340 financial advisors.

Connect

Inside The Story

CFA Institute

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

New call-to-action
New call-to-action