AdvisorPeak has launched trade management solutions for digital assets so that nearly 1,000 advisors can leverage AdvisorPeak to custody, trade, and rebalance digital assets on behalf of their clients through a partnership with Prime Trust.
Prime Trust, an API-based financial infrastructure, provides AdvisorPeak’s customers with a range of services spanning custody, payment processing, BSA compliance, asset liquidity, and transaction settlement.
AdvisorPeak’s advisors will be able to hold a variety of different assets from fiat currencies, to bitcoin (BTC) and other digital assets, to real estate and public and private securities.
Damon Deru, chief executive officer at AdvisorPeak, said: “The demand for digital assets is widespread and growing. Unfortunately for many advisors, their legacy systems are inadequate at handling the nuances of digital currencies – especially fractional shares.
“We’re really excited to continue to deliver on our industry-wide promise of bringing innovative and game-changing solutions and partnerships to the wealth management community. By unlocking custodial access to the crypto universe, our advisors can now hold digital assets in a variety of account types from personal and institutional custodial accounts, to tax-advantaged accounts such as IRAs, to various forms of asset protection trusts – all of which can be traded and rebalanced at the household level.”
A recent survey from Bitwise found that over 80% of financial advisors received questions related to crypto in 2020. Digital assets are only expected to rise in demand and advisors will be able to add crypto as part of a balanced investment portfolio.
Tom Pageler, CEO of Prime Trust, said: “As Wall Street continues to embrace digital assets and cryptocurrency adoption rates accelerate in an online world, investment advisors recognize they need to leverage new technology to provide their customers access to these new markets.
“Prime Trust allows traditional investment advisors to innovate and meet the market demand. We’re excited to collaborate with AdvisorPeak and integrate with their enterprise-class portfolio management tools to open up digital asset trading to the wealth management industry.”
AdvisorPeak customers are now able to trade fractional shares between USD and BTC, ETH, and USDT, as well as transfer assets between accounts or to any customer on the network in real-time.