Financial Advisor’s distrust cryptocurrency despite client interest

Research carried out by Opinium on behalf of the social trading and crypto platform eToro has discovered that while there is an interest in financial advice on cryptocurrencies, independent financial advisors are hesitant to provide it.

While almost two thirds (63%) of IFAs involved in the research say they have had clients ask for advice about cryptocurrencies, and a quarter (24%) of Brits say they would turn to them for guidance on this, only 9% feel highly confident providing advice in this area.

In terms of the reasons behind this, it appears financial advisors are relatively distrustful of cryptocurrencies with the biggest concerns being price volatility (74%), lack of regulation (72%) and the potential for fraud (68%).

There is also a call for more regulation with 76% saying they would support more regulation of cryptocurrencies and crypto assets in the UK, suggesting increased regulation may make them more supportive of their clients investing in these assets. 

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