CoreData Report: Only 1% of financial advisors regularly discuss cryptocurrency with clients

2024-05-13 21:18:52

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ChainCatcher news, according to a report by CoreData, only 1% of financial advisors say they frequently discuss cryptocurrency with clients, due to concerns that if issues arise with the products, it could lead to heavy legal costs.

In its report on cryptocurrency investors in Australia, the company identified that 89% of financial advisors stated they have never provided advice on cryptocurrency, indicating that there is little professional guidance on the subject.

It added, "One of the most prominent reasons advisors do not discuss cryptocurrency is the concern of not being covered by professional indemnity (PI) insurance. Without PI insurance, if a client claims that their advice led to financial loss or harm, the advisor would face significant legal costs."

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