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200 sats \ 1 reply \ @Coinosphere 4 Mar 2023 \ on: How can financial advisors help bitcoiners? bitcoin
You're asking the wrong crowd here. We're passionate bitcoiners who are looking forward to a world where FAs aren't needed anymore because we'll all be living on a bitcoin savings standard.
On a bitcoin standard, savings automatically & reliably grows due to scarcity; no stock-picking skills needed. What kind of future can your profession expect to have once all the people with savings have moved over to bitcoin as their primary/only savings vehicle?
So what you're really asking here is how to be a good converter of the fiat-rich over to bitcoin using traditional tools like bank custody accounts and bitcoin-friendly IRA funds. We have no interest in those here at all. Many of us think of custodial bitcoin as an evil aberration.
Honestly it sounds like a fruitless & thankless task; in the long run your clients become self-managing and in the short run you have a lot to learn about bitcoin regulations & custody options yet little to earn while doing so.
Lots of good thoughts here. I also think that some/many people won’t entirely transition to 100% bitcoin in the near term and so he can probably show value to his clients and pay his bills even if he advises clients to self custody their btc. He isn’t earning fees on their real estate assets either. So the pool of assets he manages may shrink for a particular client but he improves client retention. I just stress that he teach the benefit of buying BTC peer to peer and to self custody.
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