According to PANews, Morgan Stanley announced on Friday that it is broadening its cryptocurrency investment options to all clients, allowing investments in any type of account, including retirement accounts. Starting October 15, financial advisors will be able to recommend cryptocurrency funds to any client. Previously, this option was limited to clients with a higher risk tolerance, assets of at least $1.5 million, and those wishing to invest in taxable brokerage accounts.
Insiders revealed that as Morgan Stanley removes qualification requirements for cryptocurrency funds, the company will rely on automated monitoring processes to ensure clients do not overly concentrate their investments in this volatile asset class. The bank's Global Investment Committee recently released a model suggesting an initial cryptocurrency allocation of up to 4%, depending on goals ranging from "wealth preservation" to "opportunistic growth." Currently, financial advisors are limited to recommending Bitcoin funds from BlackRock and Fidelity, but Morgan Stanley is monitoring industry trends and considering adding other cryptocurrencies to these products. Additionally, clients can request investments in any listed cryptocurrency exchange-traded products.
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