It’s not unusual for a financial advisor to be asked about Bitcoin or other forms of cryptocurrency. In fact, it’s not unusual for financial advisors to be actively learning about these topics on their own. Being knowledgeable about current industry insights is integral when providing wholesome financial planning advice to clients—especially as a fiduciary.
Just in the past few months, cryptocurrency has taken the financial world by storm. What once was an abstract concept to the average person is becoming more mainstream and people want to know about it.
What is Cryptocurrency?
While we can’t get into the details here, according to Forbes, Cryptocurrency is a completely decentralized form of digital currency that is based on blockchain technology.
But what exactly is blockchain? Great question. Bankrate defines blockchain as “a digital, public ledger that records online transactions.” To get a deeper sense of the word, check out this article written by Investopedia.
“Cryptocurrency is one of those things that some advisors have a hesitancy about because it’s so new and so different,” said Sara Schauermann, co-founder of Copperline Wealth Management and Planning, and financial advisor in Cody, Wyoming. “It’s important to understand that they are highly speculative and are subject to many unique types of risk.”
Should Cryptocurrency be part of my portfolio?
This is a complex question, and as a fiduciary, our team at Copperline wouldn’t feel comfortable making such a broad recommendation about whether you should buy it in a blog post.
Every individual is different and brings with them a unique financial background. Deciding whether to include cryptocurrency—or any other investment—as part of a financial plan takes time and thoughtful consideration. Through this process, your financial advisor has the opportunity to ensure they are looking out for your best interest.
“Building relationships with our clients is the most important piece of the financial planning process,” said Luke McNeely, financial advisor and co-founder of Copperline. “This helps us to make sure clients have a well-rounded plan that fits their needs.”
So whether you’re wondering if cryptocurrency is right for you or want to learn more about what working with a financial planner could look like, consider reaching out to the team at Copperline.
Sara and Luke would be happy to meet with you.
Learn more about Copperline Wealth Management and Planning
Your financial future is important and something that should be prioritized. As a people-oriented business, it’s Copperline’s commitment to providing wholesome financial advising strategies for every season.
For more resources about financial planning, check out our other articles on our website and follow us on Facebook. If you’re interested in learning more about financial advising services in Cody, Wyoming, or wherever you’re located, we encourage you to reach out to our team.
—
Want to know more about what a fiduciary does? Check out the recent article, “The Importance of Having a Financial Advisor Who is a Fiduciary.”
