Ric Edelman announced a new chapter in his career earlier this year, when he said he’ll step down from his role as chairman of financial education and client experience at Edelman Financial Engines by year-end to serve as a strategic advisor to the firm and remain on its board of directors.
Edelman’s main focus now is on his Digital Assets Council of Financial Professionals, which he founded in 2018, as well as DACFP’s Certificate in Blockchain and Digital Assets program.
We caught up with Edelman Thursday to gauge which trends are top of mind for him, as well as how he spends his leisure time.
1. What market indicator, industry statistic, regulatory change or advisor trend are you watching most closely right now and why?
What Your Peers Are Reading
The adoption rate of digital assets. This new asset class is growing at an exponential rate and represents both the best investment opportunity since the invention of the internet and the best practice management opportunity for financial advisors since the invention of ETFs.
2. How has it been changing recently (2021) and how do you expect it to change (2022)?
The price of bitcoin has risen 40 million percent since inception in 2009, and many expect it to continue rising at an exponential rate for the next decade. Yet only 14% of advisors have recommended digital assets to their clients, although 26% say they plan to do so within the next year.
Adoption rates will also grow exponentially, and within two years, inclusion of digital assets within client portfolios will be ubiquitous.
3. What would you suggest advisors do now about it?
Most advisors know little to nothing about blockchain or digital assets. They don’t understand the technology, its application in global commerce, the investment opportunities available or how to adopt all this into their practice management.
Advisors must attain fluency in this topic — and that means they need to get their Certificate in Blockchain and Digital Assets via the course created for advisors by the Digital Assets Council of Financial Professionals (DACFP).
It’s an 11-module online self-study course they can complete in a weekend, and the sooner they do this, the sooner they can improve their practice and the advice they provide to their clients.