The latest uptick in bitcoin's price already has some speculating on the end of crypto winter. That means advisors should be prepared to answer questions from clients and inform them on proper crypto portfolio allocation. Opinion by NJChrisRobbins
For advisors, that most likely means that even more client questions about cryptocurrencies are coming, according to Steve Goeke, chief operating officer of Khelp Financial.
Khelp Financial is an RIA founded as an outsourced crypto solution for financial advisors. The concept is founded on the fact that the fast-evolving, deep and broad digital assets space can be too much for all advisors to learn about and advise on in the near term. Therefore, Khelp plans for its model to become the advisor for the 1% to 5% of client portfolios allocated to cryptocurrencies.
“Everything is actively managed,” said Goeke. “The market dynamic has changed slightly since the failures of Celsius, Voyager and FTX, but we think there will still be a market. We don’t think the asset class is going away.” “The blockchain hasn’t failed,” he said. “All those contracts were still working efficiently and the technology behind all of these assets has been effective – but the failures of centralized entities can impact the prices of these assets with there being no issue with the technology that’s driving them.”But traditional finance, including the wealth management industry, suffers from a knowledge gap when it comes to digital assets.
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