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Schwab dismisses crypto currencies as 'speculative' and too insignificant for its RIA platform as rivals stake out turf for the coming boom... or is that bust?

CEO Walt Bettinger spurns growing crypto-custody trend, but observers say the custody giant is sleep walking through innovation while other firms plow ahead.

Author Oisin Breen September 7, 2019 at 4:01 AM
8 Comments
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Walt Bettinger has a reputation for being a safe pair of hands, but by ignoring crypto-currencies, he's risking getting left behind.

RIA Custodians

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Technology

Pershing

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TD Ameritrade

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E*Trade

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Fidelity Investments

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Charles Schwab & Co.

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Apex Clearing Corp.
Wealthbase

Wealthbase

September 7, 2019 — 5:20 PM
Nice article and great to see coverage of Bitcoin and cryptos in RIABiz. Related to the asterisk above on the term “crypto-custody” and the notion of bearer assets, there’s a popular phrase among the Bitcoin community that’s apt: “Not your keys, not your Bitcoin.” So in the event of a hack or government seizure, a crypto-custodian like Coinbase will be a bearer of bad tidings to the bearer of stolen assets.
Wealthbase

Wealthbase

September 7, 2019 — 5:30 PM
^ * mis-worded above: "...a bearer of 'a claim to' stolen assets."
brooke southall

brooke southall

September 7, 2019 — 5:30 PM
Do you mean the bearer of bad news or the bearer of liability? So in other words, this went over my head: “Not your keys, not your Bitcoin.”
CoAdvisor

CoAdvisor

September 7, 2019 — 6:20 PM
As a long term advisor our clients have made it pretty clear that any connection to crypto assets diminishes an advisor’s reputation and makes clients question the risk aversion and compliance standards of any firm. With the lax compliance and regulatory standards of cryptos I would advise firms to stay very far away.
Wealthbase

Wealthbase

September 7, 2019 — 6:48 PM
Another "Bitcoin Maximalist" view is that there's Bitcoin and there's Shitcoins, which, in that view, are any crypto alternatives to Bitcoin. Might not want to throw the Bitcoin baby out with the shitcoin bathwater. The asset class performance of Bitcoin this year and over the last 10 years is remarkable. : )
Everybody Has One

Everybody Has One

September 8, 2019 — 9:54 AM
Crypto-currency gives rise to the very pragmatic question: Where's George?
Jeff Spears

Jeff Spears

September 9, 2019 — 1:48 PM
Schwab and its RIA clients were slow to adopt other alternative investments. There are many experienced investors that have analyzed and are implementing Crypto solutions. You don't need to be first but you don't want to be closed minded.
Rob Farmer

Rob Farmer

September 10, 2019 — 4:37 AM
Not surprisingly, we disagree with much of what this blog post attempts to convey. We’re proud of our long record of innovation and disruption of the status quo on behalf of investors And we are equally proud of the world-class leadership of this firm. But don’t take our word for it: <a href="https://www.morningstar.ca/ca/news/195305/16-high-quality-companies-with-exceptional-leadership.aspx" rel="nofollow">https://www.morningstar.ca/ca/news/195305/16-high-quality-companies-with-exceptional-leadership.aspx</a>

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