Just last month, Edelman noted, JPMorgan issued its own digital coin -- only a few months after the firm's CEO, Jamie Dimon, publicly slammed Bitcoin.
"[Blockchain technology] stands to save them billions in costs," he said.
Edelman stressed that one thing ABCC will not be doing is pitching cryptocurrencies or other crypto assets as investments for clients.
While Edelman said he himself is invested in cryptocurrencies, he put money into the sector only after studying the underlying technology for eight years.
What should advisors do if clients want to invest in cryptocurrencies?
At Financial Engines, he said, clients are told not to even think about investing in cryptocurrencies before getting educated on the topic. If they then decide to invest in crypto, they're being advised not to devote any more than 1 percent of their assets into the sector. Cryptocurrencies are too volatile for anything more than that, Edelman said. Moreover, clients are being told to be prepared to hold onto the investment for years and realize that they could lose all of it.
"This type of volatility is routine with this type of emerging asset class," he said. "There's a complete lack of federal regulation, so there's a lot of fraud."
ABCC grew out of a meeting last year with Paul Pagnato of Pagnato Karp Wealth Management, Ray Sclafani of the business consulting firm ClientWise, Alex Potts, CEO of Loring Ward, and Jamie McIntyre of Rewire Capital, according to the group.