Manage episode 291792901 series 2815497
The advisor community is starting to question the NFT trend, which is gaining significant media attention as of late, and rightly so. For starters what is an NFT? The concept is confusing to many. Essentially an NFT, or Non-Fungible Token, is new category of commerce that trades crypto currency for a unique piece of digital content. So, why should this matter to financial advisors? Listen in as Elite Consulting Partners CEO Frank LaRosa and COO Dale Dempsey break down the NFT topic.
Key discussion points include:
*The rapid upward trajectory of NFT purchases, with some NFT acquisitions totaling millions of dollars.
*NFT client indicators including risk tolerance and excess capital to spend.
*How NFTs relate to block chain technology and the concept of 1 of 1.
*Industry implications of NFTs including their use as an alternative investment.
It's important for every financial advisor to realize that just because you don't fully understand NFTs doesn't mean you should dismiss the concept outright or be unwilling to learn it. The current popularity of NFTs is undeniable and it is only a matter of time until your clients start wondering how it impacts them. Get prepared now so you can talk about NFTs with your clients and guide them in the right direction. Because the fact is, as with any financial trend, you need to have the conversation with your client before someone else does.