CoreData Report: Only 1% of Financial Advisors Regularly Discuss Cryptocurrencies with Clients

ChainCatcher news, according to a CoreData report, only 1% of financial advisors said they often discuss cryptocurrencies with clients because of concerns about heavy legal fees if there is a problem with the product.

In its Australian Cryptocurrency Investor Report, the firm identified 89% of financial advisors who said they had never provided advice on cryptocurrencies, indicating that there is little professional advice on the subject.

It added: “One of the most prominent reasons advisers give for not talking about cryptocurrencies is the fear of not being covered by professional indemnity insurance (PI). Without PI insurance, advisers would face heavy losses if a client claimed their advice resulted in financial loss or harm. legal fees."