Affluent investors in seven major markets say they trust wealth managers more than almost any other source for crypto information, according to a CoinShares survey published Monday. But roughly four in ten respondents who already work with an adviser called their wealth manager overly cautious about digital assets — a gap the firm's CEO framed as a commercial risk for advisory businesses.
The October survey polled 2,230 investors across the US, UK, France, Germany, Italy, Sweden, and Switzerland. Every respondent held at least $500,000 in investable assets outside real estate. Depending on the market, between 54% and 70% of those investors already hold crypto, and across the seven markets 71% to 91% of current holders said they plan to add exposure this year.
An advice gap that runs both ways
The findings land against an earlier CoinShares survey published in June that covered 261 wealth professionals in France, Germany, Italy, Switzerland, and the UK. That poll found 61% of advisers work at firms that either restrict digital assets outright or lack clear internal guidance on them. Active recommendation of crypto ranged from 48% at supportive firms to just 1% at restrictive ones.
Advisers in the June survey cited volatility (56%) and crypto's speculative character (52%) as the top reasons they believe clients hold back. But their own hesitation may be costing them visibility: 25% of advisers said more than half of their clients' crypto holdings sit beyond their view. Among UK advisers, that figure rose to 52%.
Jean-Marie Mognetti, CoinShares' CEO, didn't mince words about what the silence means for firms. "Clients did not wait for permission," he said. "Every month a firm remains silent, more of its clients' wealth migrates beyond its advice, its visibility and ultimately its economics."
Investors want help — and will pay for it
The October report shows most investors aren't pretending to be experts. 88% conceded they lack the knowledge to invest in crypto with complete confidence, and 69% said they'd consider working with a crypto-savvy wealth manager. Among current crypto holders who are open to advice, 98% said they're prepared to pay for it.
Trust is where advisers have a real edge. In the US and UK, wealth managers lead most other sources on trust by 25 to 30 points. That's a meaningful advantage at a time when investors are openly shopping for guidance they feel they can rely on.
What advisers say would change their minds
Advisers in the June survey were clear about the barriers. Regulatory recognition (45%) and exchange-traded product access (43%) topped the list of developments that would most boost their confidence in recommending crypto.
In the five markets both surveys cover, the picture is now one of investor demand running straight into the policy wall the June survey identified. Advisers say they need clearer rules and familiar investment vehicles before they'll move; investors say they're ready now and have already started without them.
CoinShares hasn't said whether it plans a follow-up survey to track whether those adviser barriers loosen as regulatory frameworks in Europe and the US continue to develop. For now, the firm's data suggests the pressure is building from the client side of the desk.
