Financial Planning wants to answer your questions about crypto at new event for advisors

December 9, 2022 7:53 PM

You've been living under a rock if you don't know that cryptocurrency is a pretty complicated topic right now.

The emotionally-charged asset class has by one estimate lost several trillion dollars in value since Nov. 2021 and is now synonymous with undesirable terms including "bankruptcy," "collapse" and "crisis." As the shockwaves of the collapse of FTX, BlockFi and other exchanges play out, the implications for wealth management grow potentially more freighted.

This year's rollercoaster featured major players in financial services gearing up for a future that very much includes digital assets, and a sea of interested parties waiting for the White House's directives for the reguation of crypto to evolve from a framework into something real.

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And while the market value of individual currencies has dropped, attitudes toward digital assets have remained robust. Just as studies show that high net worth investors who liked bitcoin at roughly $70,000 also love it at $17,000, research from Financial Planning parent company Arizent finds that the current turmoil hasn't altered advisors' attitude toward the asset class. While roughly half of advisors view the investment category as legitimate, most advisors say they need to have a solid understanding of it to properly serve their clients and grow.

That's why Financial Planning is excited for next week's debut of the free, two-day INVEST Cryptocurrency for Advisors conference. The event focuses on cryptocurrency education and features 10 sessions and 30 speakers tackling the questions about digital assets that matter most to financial advisors. Register for the complimentary digital event today.

Here's a preview of some of what we have planned:

Where are we, and how did we get here in the first place?

The rises, falls and collapses of the cryptocurrency market have been one of the most compelling stories of the past 12 months. But keeping up with all of it and how it impacts the business at large is a difficult thing for an already-busy advisor to do. As the headlines accompanied by Samuel Bankman-Fried's headshot continue to fill up news feeds, it's important to focus on the facts amid the noise. And the fact is, advisors still want to learn about crypto because either their current or their future clients have an interest.

On day one of INVEST Cryptocurrency for Advisors, Financial Planning Wealthtech Reporter Justin L. Mack will sit down with Janet King, vice president of research for Arizent, and Flourish President Ben Cruikshank to present new Arizent research that breaks down advisor attitudes toward crypto after the crashes. The panel will discuss the facts behind the numbers, the stories behind market movements this year, and what it means for the modern advisor.

The competitive edge of crypto

Chris Gunderson, the founder and CEO of Amulet Consulting Group, will lead a conversation with Caitlin Cook of Hxro Labs, Samuel Deane of Deane Wealth Management and Paul Lally of Wipfli to discuss how knowledge of the space adds value to the advice you give your clients.

What do you say when your client asks about crypto?

What's the right answer if a client asks about the FTX exchange meltdown and how it will affect their non-crypto portfolio? Or what if a prospect already holding crypto needs advice on whether or not to divest in light of bad news? Every client is different, so being well educated gives advisors a leg up should tough questions come their way.

Dan Eyre, the head of Gemini BITRIA; Vik Sasi, managing director at Manhattan West; Eben Burr, the president of Toews Asset Management; and Pamela Sams of Jackson Sams Wealth Strategies will guide advisors through the dos and don'ts. Help clients understand the risks, and learn how experienced crypto advisors have hard client conversations about the asset class in a trying environment.

Estate and tax planning with a dash of digital assets

With an increasing number of clients holding cryptocurrencies in their financial portfolios, it's important to know how these assets fit into tax and estate planning.

Financial Planning Managing Editor Lynnley Browning will lead a discussion that features insight from Sean Stein Smith, an assistant professor at the City University of New York–Lehman College, and Samuel Deane of Deane Wealth Management. The experts will help you understand the available tax and estate planning options. They'll also go deep on how to speak to clients about how digital assets play into their wider tax and estate planning goals.

The state of cryptocurrency regulation

President Joe Biden started the year by signing an executive order on "Ensuring Responsible Development of Digital Assets" and recently released a comprehensive framework for their development. Over the past several years, the SEC and the CFTC have brought dozens of cryptocurrency-related enforcement actions. FINRA is targeting crypto communication, and the CFP Board is clarifying how its code relates to crypto.

Crypto is keeping regulators busy. But as the year comes to a close, financial professionals are still waiting for the clarity they need to serve their clients well.

Dan Kolber, the founder and CEO of Intellivest Securities, will lead a panel of enforcement leaders offering their thoughts on the current state of legislation; an explanation of the new frameworks in place; and how the concerns of regulators impact advisors working with cryptocurrency.