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Cetera ‘Prudently Embraces’ Bitcoin ETFs, Introduces Guidance for Advisers

Getting a head start among wealth management firms, Cetera Financial Group has introduced a new policy regarding the usage of bitcoin exchange-traded funds in brokerage accounts. The policy includes comprehensive education, training, and resources designed to help affiliated financial professionals guide their clients in incorporating bitcoin ETFs into their investment portfolios. 

Cetera is among the first wealth management firms to roll out a formal policy on bitcoin ETFs as exponentially more investors are exploring the products and investing in bitcoin.

“As expected, we are prudently embracing bitcoin ETFs and we prioritized developing this important guidance to help our financial professionals implement these products in client portfolios,” said Matt Fries, head of investment products and partner solutions at Cetera.

“Today’s investors have increasingly complex needs, and our investment products team is here to support our financial professionals across the investment spectrum. We will continue to proactively evaluate the implications of bitcoin ETFs and related products and modify our policies accordingly, and we look forward to partnering with our financial professionals to adopt bitcoin ETFs when appropriate with their clients,” added Fries.

Cetera has approved usage of the following spot bitcoin ETFs: Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Fidelity Wise Origin Bitcoin Fund (FBTC), and Blackrock iShares Bitcoin Trust (IBIT). The selected funds are sponsored by leading ETF providers with track records of successfully launching new product strategies and are well-positioned with established resources and tools. Training will be available for financial professionals on Cetera’s award-winning AdviceWorks portal starting on March 25.

Cetera’s new program follows exponential growth of bitcoin ETFs among investors. Approximately 50 million people own bitcoin, as of February 2024, according to the number of unique addresses with non-zero balances of bitcoin. This represents an increase of 20 million users compared to 2023.

Cetera Financial Group serves more than 12,000 independent financial professionals and their teams, including tax professionals, banks, and credit unions in providing financial planning and wealth management services. Cetera oversees more than $475 billion in assets under administration and $190 billion in assets under management, as of Dec. 20, 2023.

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