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Society’s Richest Need Better Crypto Advice – World Wealth Report

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Society's Richest Need Better Crypto Advice - World Wealth Report

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According to the Capgemini World Wealth Report published on 19 June 2018, although the rich are seemingly getting richer, they need more crypto advice from wealth management.

It appears that the richest of society aren’t learning enough about the new financial technology to convince them to invest with any sense of conviction, despite the new crypto wave getting plenty of global press. The report targets high net worth individuals (HNWIs), with at least USD 1 million to invest outside of their main property investments, as those needing some extra cryptocurrency knowledge.

Figures have pointed to a 27% of the very rich not yet investing for one reason or another as potential crypto investors. Add to that 29% of millionaires already invested and the market could swell given the extra injection of interest. It appears though, that only a third of the millionaires surveyed had received any information from their wealth managers about cryptocurrency investment.

According to the report, it is still the young who are driving cryptocurrency at the top level, and as such this knowledge needs to be passed on to colleagues and wealth management. Currently, the report suggests only 56% of HNWIs are well connected with their wealth managers, indicating there might be an education gap in the financial industry as a whole when it comes to cryptocurrency awareness.

This also indicates that it is probable that there is some catch up required in the financial industry for wealth managers to become more knowledgeable about cryptocurrency, blockchain and what these can offer, before they can pass on this knowledge to their client investors as an alternative investment opportunity. There are indications though that some wealth managers are still skeptical of promoting cryptocurrency products as investment opportunities to their HNWI clients.

Capgemini puts the lag in crypto uptake among the rich as down to regulatory uncertainty and “firm caution”, but remain optimistic regarding the future of the space.

 

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