We’re excited to kick off our Advisor Spotlight interview series and build a community of transparency and communication around the evolving world of crypto and digital assets. The market is changing all the time, and we’re lucky to know advisors in the crypto ecosystem who can help shed some light on what it’s like to be working with clients in such a new and emerging asset class.
To start us off, we had the pleasure of speaking with Richard Archer, CPA, CFP, CDAA. Richard knew he wanted to be in financial planning from the moment he saw Alex Keaton on Family Ties. Now a seasoned advisor, he works to maximize returns while maintaining a space of comfort for his clients. This is a must in the world of cryptocurrencies, and as an advisor who makes digital assets accessible to his clients (through Onramp, actually!), Richard strives to un-complicate and bridge the gaps for them so that they can invest safely and knowledgeably. “I want to be their financial easy button,” says Richard, “because life is complicated, and we’re all so busy.”
Here’s our Q&A on digital assets with Richard:
1. Why did you choose to pursue digital assets for your clients?
Richard Archer: It’s my job to stay abreast of new investment opportunities, and I didn’t want my clients to miss out on the potential exponential growth in digital assets. They would be disappointed in me if I missed this opportunity for them. It feels a lot like the early days of the internet.
2. How long have you been engaging the world of crypto?
RA: I didn’t engage much until after I obtained my DACFP and CDAA in 2021. There’s so much to know about blockchain, tokens, NFTs, etc., and I didn’t want to learn with real money! With a new asset class like this, it seemed prudent to understand the space fully before acting.
3. What’s your favorite thing about this new asset class?
RA: I got really excited once I had my “aha!” moment and saw how blockchain technology will likely change how almost every business operates. The efficiency and transparency improvements this new technology can bring cannot be ignored.
4. What are your thoughts about the emerging world of asset tokenization?
RA: I think the next big thing will be fractional NFTs for assets like houses and commercial property. Being able to buy a fractional share of a vacation property or to sell your home without expensive brokerage and title fees or having to work with a bank is revolutionary. Just think how different everyone will feel when their home is valued up-to-the-minute like stocks!
5. How are your clients talking to you about the market, and how have you talked with them about recent market movements?
RA: My tech-professional clients are rolling with recent market upheaval. A meaningful number of my other clients are scared by the constant drumbeat of negative headlines. I spend hours educating them about what digital assets and the blockchain really are and why they’re revolutionary. Once they understand, they usually get excited and want to maintain their investment exposure.
6. What words of advice would you offer to advisors just beginning to offer digital assets to their clients?
RA: Take it slow. The last thing you want to do is to scare your clients with volatile investments they don’t yet understand. This is the advent of a new assets class beyond stocks and bonds, and there’s plenty of time to get them invested at their pace.
7. What are you most excited about for the future of blockchain?
RA: A few things:
- I believe large custodians like Schwab and Fidelity will see the blockchain as a way to save millions in operating costs, leading us to cheaper and faster transactions.
- Blockchain tech can efficiently pay employees as they work. I believe people will be excited to be paid by the second instead of bi-weekly.
- On a large scale, blockchain technology is borderless and could lead to a global currency and increased trade.
Stay tuned for more advisor interviews in the coming weeks.
Disclaimer: This is not investment advice. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. All Content is information of a general nature and does not address the circumstances of any particular individual or entity. Opinions expressed are solely that of the interviewee and do not express the views or opinions of Blockforce Capital or Onramp Invest.