A chat with two men and why we’re avoiding bitcoin

“So…how many clients are you recommending Bitcoin to then?” He asked

“None” I said

The gentleman I was speaking to you seemed shocked…

“Why? Surely with the prices rising so much recently you should be recommending it?”

“I don’t believe it’s the right thing to do for most of my clients” I replied

“Why not? Don’t they want to benefit from the growth of Bitcoin?”

I smiled

“Maybe” I said “and growth is important…but that’s only part of what we do”

“You see…” I continued “Our clients trust us to help them sleep well at night. They trust us to be a ‘safe pair of hands’. They trust us to help them not put the progress they make towards their financial goals at risk.”

“I’m not convinced recommending speculating, and it is speculating and not investing, in Bitcoin will meet the promises we’ve kept to our clients of providing them with the best advice at all times”

“Ok” the man said “So what do you recommend to your clients to get the ‘best returns’?”

“There’s a little more to what we do than that” I said “First we want to truly understand what our clients wants to achieve both now and in the future and we’ll ask loads and loads of questions to examine what the best approach might be.’

‘Our experience is that the highest potential returns also comes with comparable levels of risk. Therefore if someone aims for potentially higher returns but won’t sleep at night knowing that there is a higher risk to their money then they need to consider whether that’s the right choice for them. Also we’ve got clients who don’t need excessive levels of growth to achieve their financial goals so have no need to take excessive risk on their money by going for the ‘best returns”

‘Oh’ the man said ‘I see…so you’re not recommending Bitcoin’

Nope. I said…and at that time another man wandered over.

‘What are you talking about?’ the new man said

‘Bitcoin’ the other man said.

‘Interesting!’ said the new man ‘…but bitcoin is old news now. You should have a look at Ethereum!’

‘Really!’ said the other man excitedly and on that note I made my excuses to exit the conversation and talk to someone else.

Whilst I might be wrong about Bitcoin, and I can certainly see why a currency not owned by a central bank has it’s advantages, in our opinion it’s certainly not an investment. It’s pure speculation….and one we’re not recommending to any our our clients.

So, if you’re looking for tips on Bitcoin or Ethereum or any other speculative asset we’re certainly not the place to help…

However if you’re looking for someone to help you make smart financial decisions designed to help you achieve your long term financial goals (and align these to your life goals) we can certainly help…

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