Do I run into regulatory compliance issues (SEC or State) running a newspaper ad; if bitcoin is specifically listed along with stocks, bonds, etc. as an investable asset available?
Jim Krebec, CFP®, President, CIC Investment Consultants | Ric Responded December 30, 2021

2021-12-30T16:07:15-05:00

If you’re simply listing asset classes such as stocks and bonds, I see no issue with also mentioning digital assets (I wouldn’t mention bitcoin specifically) – just as I’d see no issue with mentioning other asset classes, such as real estate or gold. I’d have my compliance department approve any ad before using it, to [...]

Do I run into regulatory compliance issues (SEC or State) running a newspaper ad; if bitcoin is specifically listed along with stocks, bonds, etc. as an investable asset available?
Jim Krebec, CFP®, President, CIC Investment Consultants | Ric Responded December 30, 2021
2021-12-30T16:07:15-05:00

Do you have an opinion on the impact of future approvals of Bitcoin ETF’s impact on GBTC, BITW, OBTC , etc.?
Lars Larsen, ChFC®, President, Heritage Financial North | Ric responded December 30, 2021

2021-12-30T11:17:25-05:00

OTC products will likely be of little interest to investors after ETFs become available. That’s why all the OTC sponsors have committed to converting their OTC securities to ETFs. Makes sense. And that offers investors an arbitrage play: GBTC, for example, is trading at a discount. If it converts to an ETF, theoretically that discount [...]

Do you have an opinion on the impact of future approvals of Bitcoin ETF’s impact on GBTC, BITW, OBTC , etc.?
Lars Larsen, ChFC®, President, Heritage Financial North | Ric responded December 30, 2021
2021-12-30T11:17:25-05:00

I have several clients that would like to gift BTC to their donor advised fund. Fidelity Charitable is where most client DAF’s are held. Fidelity is fine accepting BTC but requires a third party appraisal that costs around $600. This is crazy to me for asset that is liquid 24/7. I know it’s treated as property. Do you know away around this or do you have a recommendation for an organization that can do the appraisal for a reasonable fee?
Trey Barnes, Sr. Wealth Advisor, Mariner Wealth Advisors | Ric Responded December 16, 2021

2021-12-16T20:02:15-05:00

The appraisal is required by the IRS, not Fidelity. This is true for any charitable donation of non-cash, non-securities of $5,000 or more. Fidelity gives you a confirmation showing the date they receive your crypto and the selling price, but the IRS won’t accept that as a legal appraisal. You have to hire an appraiser, [...]

I have several clients that would like to gift BTC to their donor advised fund. Fidelity Charitable is where most client DAF’s are held. Fidelity is fine accepting BTC but requires a third party appraisal that costs around $600. This is crazy to me for asset that is liquid 24/7. I know it’s treated as property. Do you know away around this or do you have a recommendation for an organization that can do the appraisal for a reasonable fee?
Trey Barnes, Sr. Wealth Advisor, Mariner Wealth Advisors | Ric Responded December 16, 2021
2021-12-16T20:02:15-05:00

I’ve had a hard time adding a beneficiary to my digital assets account at Coinbase. Their customer service messaging app is not easy to navigate, and I can’t get anyone in customer service to answer the phone. I know I can move the assets to a different platform. Who offers the best customer service? I’m also considering a cold wallet. Any suggestions?
Timothy Reid Bolinger, Financial Advisor, Fisher Wealth Management | Ric Responded November 18, 2021

2021-11-18T13:45:10-05:00

I’m not aware that you can name a beneficiary to accounts at Coinbase. This is not uncommon, as many institutions don’t allow you to name beneficiaries on taxable accounts. Traditionally, beneficiary designations are set for retirement accounts, wills & trusts, and annuities. So, if your financial institution doesn’t allow you to name a beneficiary on [...]

I’ve had a hard time adding a beneficiary to my digital assets account at Coinbase. Their customer service messaging app is not easy to navigate, and I can’t get anyone in customer service to answer the phone. I know I can move the assets to a different platform. Who offers the best customer service? I’m also considering a cold wallet. Any suggestions?
Timothy Reid Bolinger, Financial Advisor, Fisher Wealth Management | Ric Responded November 18, 2021
2021-11-18T13:45:10-05:00

What would you do to get in front of this seismic shift of DeFi/Blockchain?
Alex Smith, Managing Director, Individual IRA | Ric responded November 17, 2021

2021-11-18T13:53:03-05:00

For sure, our Certificate in Blockchain and Digital Assets program is a great way to start. Beyond that, read as much as you can and attend as many events as you can. We list great news services at the DACFP Yellow Pages. And when you become fully immersed and are ready to devote full-time effort [...]

What would you do to get in front of this seismic shift of DeFi/Blockchain?
Alex Smith, Managing Director, Individual IRA | Ric responded November 17, 2021
2021-11-18T13:53:03-05:00

Would you please enumerate what would be the likely investment options for a typical RIA client brokerage account?
James Pazderak, President, Covenant Wealth Advisors | Ric responded, November 18, 2021

2021-11-18T13:42:11-05:00

That’s a big question. We cover it in detail in our DACFP Certificate in Blockchain and Digital Assets program – and we’re creating a new 1-hour presentation to address this specifically. Visit our Events page to register for our upcoming webinars and to watch replays of our past events. Also, you can find all the [...]

Would you please enumerate what would be the likely investment options for a typical RIA client brokerage account?
James Pazderak, President, Covenant Wealth Advisors | Ric responded, November 18, 2021
2021-11-18T13:42:11-05:00

How can I find a digital asset savvy estate planning attorney for my clients who own and want to pass on their digital assets?
Cody Murray, Financial Planner, Bivin & Associates | Ric responded, November 9, 2021

2021-11-09T13:03:04-05:00

We offer a list of estate planning attorneys with expertise in digital assets in our Yellow Pages directory.

How can I find a digital asset savvy estate planning attorney for my clients who own and want to pass on their digital assets?
Cody Murray, Financial Planner, Bivin & Associates | Ric responded, November 9, 2021
2021-11-09T13:03:04-05:00

Are you finding that RIA’s that offer digital assets to their clients are investing directly in Coins (Bitcoin/Ethereum etc.) using institutional accounts with Gemini/Coinbase, etc., through assets like Grayscale Bitcoin Trust hedge funds or some other way?
Michael Eastham, President, Fellowship Financial Group | Ric responded, October 19, 2021

2021-11-01T17:54:39-04:00

It’s all over the map. RIAs are a diverse group of professionals – and as a result, their approaches to digital assets vary greatly. Thus, every company offering access to the marketplace is gaining assets. Don’t worry about what others are doing. Explore each option that’s available. Then, using your knowledge about your clients and [...]

Are you finding that RIA’s that offer digital assets to their clients are investing directly in Coins (Bitcoin/Ethereum etc.) using institutional accounts with Gemini/Coinbase, etc., through assets like Grayscale Bitcoin Trust hedge funds or some other way?
Michael Eastham, President, Fellowship Financial Group | Ric responded, October 19, 2021
2021-11-01T17:54:39-04:00

What about using a self-directed Roth IRA?
H. William Wolfson, Wolfson Financial Advisors| Ric responded, October 19, 2021

2021-11-01T17:53:21-04:00

Great idea! If gains occur as many project, placing those gains into a tax-free account is a great idea. Several firms, including Choice by Kingdom Trust, allow you to buy digital assets in IRAs and Roth IRAs.

What about using a self-directed Roth IRA?
H. William Wolfson, Wolfson Financial Advisors| Ric responded, October 19, 2021
2021-11-01T17:53:21-04:00
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