However, some advisors may already be hearing from a few clients experiencing FOMO—the fear of missing out. Thoughtful advisors or investors who take the time to learn about this new technology and its potential impacts will be ahead of the curve and could benefit from this early stage of growth.
In the meantime, here are some things advisors can do:
• Educate yourself
• Try to distill real information from the deluge of online data
• Take time to analyze the technology and opportunity, so that you can distinguish between potential scams and real opportunities
• Listen and learn from some of the current blockchain visionaries
• Be patient, because these markets are likely to go through boom/bust cycles
• Let clients know that you are watching, listening and learning
These are interesting, exciting times in the blockchain world. You and your clients will be well served if you pay close attention, ask questions and stay alert for opportunities.
James P. Dowd, CFA, CPA, is founder and managing director of North Capital Private Securities (NCPS), North Capital Investment Technology (NCIT) and North Capital Inc.