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More young and rich clients are approaching wealth managers to discuss cryptocurrency investments than ever, reveals a Capegemini SE survey. Over 70 percent of millionaires under 40 are currently seeking advice on investing in digital assets and believe that their primary wealth managers should furnish them with this information. The next generation of rich people is looking forward to innovative new products, and digital assets are catching their attention.

The company surveyed over 2,600 people with at least $1 million in investable assets from 19 wealth markets across the globe. Of these, 47 percent were aged less than 40.

Only 13 percent rich over 60 believe that cryptocurrency advice from primary wealth managers is necessary. On the other hand, 35 percent of respondents said that they are getting crypto investment advice from their managers.

The findings suggest that wealth managers should leave their apprehensions regarding digital currencies behind and aid their younger affluent clients in investing. Their lack of support could be leading these wealthy clients away from specialist advice, which would be dangerous for their businesses.

Head of Asia Wealth Management at Capegemini David Wilson has essential advice for wealth managers. He says that private banks “don’t necessarily need to offer products or advice on specifics, but just to get into a level of conversation and have an opinion would be a good starting point. If you can’t engage on a conversation level with the next-gen clients, then you’ll be out of the conversation, and they will go to someone who can.”

The real reason behind the apprehensions of private banks and wealth managers lies in the volatility of the digital currency market. Bitcoin, the world’s largest digital coin, surged by more than 1,400 percent last year but has since shaved off most of its unprecedented gains. The market capitalization of the currency is still over $100 billion. Millennials seem to be interested in digital coins and are investing their money regardless of words of caution from people like Bill Gates and Warren Buffett.

Many wealth managers today do not understand the nuances of this emerging industry, but Google does. Young millionaires are interested in letting a top-tech firm like Google to manage their wealth, the survey reports. Eighty-eight percent of the rich under 40 would like to receive such advice from Google if it ever enters the business. This interest is stronger in emerging Asian and Latin American markets. Surprisingly, Amazon and Microsoft were also named as potential wealth managers.

Wilson clarified that big tech’s invasion of this sector is a question of “when not if.” Private banks and independent wealth managers need to amp up their game and improve their technology if they want to be able to compete with these colossal companies with deep pockets.

The post The Young and Rich Are Seeking Cryptocurrency Investment Advice appeared first on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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