FA-IQ reached out to advisors to ask: Are you for or against recommending cryptocurrencies to your clients?
Gerald Goldberg, chief executive officer and co-founder of GYL Financial Synergies. West Hartford, Connecticut-based Goldberg has been in the industry for 26 years and has about $9 billion in client assets.
“While we understand and embrace the potential associated with blockchain technology, to date we have avoided recommending to our clients that they invest in cryptocurrency.
Our responsibility as fiduciaries is to listen to our clients to understand their needs. Based on this understanding, we then construct diversified portfolios that will assist them in achieving their goals while at the same time mitigating risk to the extent possible.
We continue to believe that the high level of volatility combined with the lack of consistent regulatory framework contributes to a highly speculative environment that is not consistent with our investment philosophy.”
Jim Pratt-Heaney, founding partner of Coastal Bridge Advisors. Westport, Connecticut-based Pratt-Heaney has been in the industry for more than 30 years and has $2.85 billion in client assets.
Brett Bernstein, chief executive officer and founder of XML Financial Group. Rockville, Maryland-based Bernstein has been in the industry for 23 years and has $3.7 billion in client assets.
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