Fidelity Investments has jumped into the cryptocurrency pool with both feet, and now they’re looking to assuage fears of advisors who might be hesitant to dip their feet—and their clients’ funds—into that pool by offering a range of new educational resources.
Today Fidelity announced the company’s latest efforts to educate advisors on digital assets, including a new strategic alliance with the Digital Assets Council of Financial Professionals (DACFP) certificate program, founded by Ric Edelman.
“As interest in cryptocurrency accelerates across investor segments, we want to ensure we’re providing advisors with the foundational knowledge necessary to help address investor questions.”
David Canter, Fidelity Institutional
Fidelity Institutional clients will receive an exclusive discount toward earning a certificate in Blockchain and Digital Assets and will receive 13 continuing education (CE) credits upon course completion. The certificate program contains 11 self-paced modules, comprised of 13 hours of educational content. The company said program participants “will develop a firm understanding of digital assets and blockchain” and receive guidance on how to incorporate digital assets into an investment management strategy.
“We are thrilled to enter into this relationship with DACFP to help drive continued education and awareness for advisors in the digital assets space,” said David Canter, Head of the RIA and Family Office Segment, Fidelity Institutional. “As interest in cryptocurrency accelerates across investor segments, we want to ensure we’re providing advisors with the foundational knowledge necessary to help address investor questions.”
“DACFP is committed to giving financial professionals the knowledge and skills they need to provide their clients accurate, relevant, timely and valuable advice about blockchain and digital assets,” Edelman added. “We’re excited to work with Fidelity to drive this mission forward for its clients.”
New digital assets whitepaper aimed at advisors
In addition to offering access to DACFP’s certificate program, Fidelity Institutional also announced it has released a new whitepaper on digital assets to help advisors better educate themselves and inform planning discussions with their end-clients.
A recently published piece written specifically for an advisor audience, The Intersection of Cryptocurrency and Wealth Management: What Advisors Need to Know Now, provides advisors with foundational knowledge about the numerous ways investors can gain exposure to digital assets, and the important factors to consider in evaluating those options.
Financial advisors’ adoption of digital assets nearly doubled in 2021, according to the Fidelity Digital Assets 2021 Institutional Investor Digital Assets Study, increasing from 23% in 2020 to 43% in 2021. However, a recent Nasdaq study showed while only 10% of advisors report being very knowledgeable about cryptocurrencies, almost all advisors (98%) expressed an interest in learning more about cryptocurrencies and digital assets.
“Fidelity’s exploration of digital assets began nearly a decade ago, and through continued research and development efforts in the blockchain ecosystem, our commitment to the space has deepened,” said Peter Jubber, Head of Enterprise Engagement, Fidelity Digital Assets. “Our goal with this thought leadership is to leverage our years of expertise and insights to provide advisors with the education and knowledge they need to engage in meaningful conversations with their end-clients and consider opportunities for their firm.”
Firm-wide, Fidelity believes that blockchain and digital assets will represent a significant part of the financial industry’s future. With an ultimate goal of becoming a holistic solutions provider in digital assets, Fidelity began bitcoin mining more than six years ago out of the Fidelity Center for Applied Technology (FCAT), and launched its institutional custody platform Fidelity Digital AssetsSM in 2018, adding digital asset management capabilities to its offering in 2020.
On April 26, Fidelity Investments announced the launch of Fidelity’s workplace Digital Assets Account (DAA), the industry’s first offering that will enable individuals to have a portion of their retirement savings allocated to bitcoin through the core 401k plan investment lineup.
Fidelity also recently expanded its investing lineup with the launch of a new thematic ETF, Fidelity® Crypto Industry and Digital Payments ETF (FDIG), which is available for individual investors and financial advisors to invest in companies that support the broader digital asset ecosystem.
SEE ALSO:
• Fidelity to Offer Bitcoin in 401ks
• What Does Fidelity’s 401k Bitcoin Plan Mean for Advisors, Sponsors?
• DOL ‘Gravely Concerned’ About Fidelity 401k Bitcoin Announcement
• DOL Cautions 401k Fiduciaries on Cryptocurrencies in Wake of Executive Order