Cryptocurrency is rapidly emerging as a vital asset class, transforming the financial landscape. However, the lack of visibility into cryptoassets has hindered advisors from delivering truly holistic advice. Indeed, a recent NBC poll revealed that one in five Americans has dabbled in cryptocurrency, underlining the urgency for advisors to step up their game.
In collaboration with Turnqey Labs, Morningstar ByAllAccounts is excited to introduce a groundbreaking solution. This webinar, hosted by the firm, showcases how advisors can invite clients to securely aggregate their crypto-assets from major exchanges like Coinbase and Gemini.
The webinar features distinguished speakers, Don McHenry, Senior Product Manager for ByAllAccounts, and Tyrone Ross, the CEO of Turnqey Labs. This exclusive discussion gives listeners the opportunity to gain invaluable insights into the ever-changing crypto landscape from experts currently triumphing in the space.
The webinar raises a variety of poignant issues within the sector, with one noteworthy moment being Ross commenting on the importance assisting digital currency investors in sharing their cryptocurrency wallet with their advisors. Ross expressed that ByAllAccounts is exciting the market in the space, with its innovative solution looking to solve a problem almost a decade in the making.
When posed the question, he said, “One of the things I experienced personally back in 2016/17, was just a lack of visibility and performance reporting about what a client held away from me, which means you’re just limited in scope and conversation.
“Advisors don’t really want to dabble in crypto, but they want to have conversation and they want to be converse. So as long as 90% of all crypto wealth and data is kept away from advisors, it stops them from having holistic conversations with clients. So wherever you are pro or con, our responsibility as judiciaries is to have conversations with clients on what they own, where they own it, why they own it, how much they own and what they’re doing with it.
“So it’s why is why we’re really excited by this, it’s really core as to what ByAll Accounts does, is to give advisors that visibility into what is held away so we feel we add to an already robust offer,” he continued.
The webinar also discussed what new opportunities the partnership will arm advisors with. Ross said, “As a financial advisor there are a couple of things we want to do, we want to remain compliant we want to grow our business, and we want to get paid. This allows us to do all of them.
Ross and Henry delved deeper into how exactly the collaboration can do that, whilst also discussing some perennial issues for people in the space, such as the SCC proposing to expand the types of assets covered under the custody rule – to cover digital assets such as crypto. The webinar also delves into why visibility into client cryptoassets is more crucial than ever, and explore how it can reshape your advisory approach.
It offers insight into how to incorporate crypto into your existing workflows, covering tax planning, estate planning, and risk management, giving listeners the tangible prospect of improving their advisory services to stay at the forefront of financial innovation.
You can listen to the full webinar here.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
