But advisors working with this group are going to need to know how they think. They want an online presence and digital access to their finances, naturally. But they are also going to want their advisors to understand things like cryptocurrency, since, as younger investors, they have longer investment time horizons and likely a bigger appetite for riskier assets. In fact, Cerulli said, one-quarter of the affluent millennials in the Cerulli report said they owned crypto in 2021, and they are the group most likely to bring crypto assets with them into a new advisory relationship.

“Crypto is not going to leave,” McKenna said, adding that younger people who have been watching it for the last few years watched the price skyrocket and they are likely to shrug off the current crypto winter as huge institutions like Fidelity get involved and the asset is validated by the formation of exchange-traded funds.

“It’s becoming a lot more formalized especially as institutions make serious investments in crypto now,” McKenna said.

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