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Why wealth managers need to grow revenue and develop deeper relationships with clients through this new asset class.
According to new research from Broadridge Financial Solutions, using a five-year model, financial advisors and wealth managers are set to receive up to $4.6 billion in incremental fee revenue through cryptocurrency. And the impact is likely to be even greater as advisors develop new relationships due to cryptocurrency’s appeal to a wide demographic. According to research from Gemini, the average age of crypto investors is 38, while the average “crypto-curious” individual is 44.
And just as offering cryptocurrency is a long-term business decision, there are significant cost ramifications if a firm consciously chooses not to offer it. The disruption is real, and firms will eventually need to include it as an investment option. It is not a matter of if—it is a matter of when.
In this article appearing in Barrons.com, Uday Singh, managing director and head of Broadridge Consulting Services, and Mike Tropeano CFA, senior director and wealth practice lead, address critical next steps and key considerations – such as choosing a liquidity provider and custodian – to help wealth managers merge successfully onto the crypto highway.
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