Buying Bitcoin, building trust
One financial adviser is putting his digital money where his mouth is
As the cryptocurrency market continues its meteoric rise, financial advisors are finding themselves at the center of a new investing frontier. Dan Sheehan, a financial advisor at Telos Wealth Advisors in North Carolina, has been navigating this evolving landscape with his clients, guiding them through the excitement and volatility of the crypto boom.
Sheehan, who hails from the UK but has made a home in the US, has been a self-described "big believer" in Bitcoin since as early as 2018. He's put his money where his mouth is, buying small amounts of Bitcoin on a weekly basis.
"So I got rather lucky. Actually, I got introduced in college, I guess not as early as some, but around 2018 I started buying just little bits here and there. And then it became a weekly thing."
That personal investment and conviction has been key to building trust with Sheehan's clients. "You want to be able to have your clients have a belief in you, because it's a relationship at the end of the day. If someone trusts us and know we're in it with them, and we haven't just sold them on an idea, if we're invested alongside them, it shows we truly believe in it."
Shifting conversations: from education to strategy
That approach has paid dividends as Sheehan's clients have become increasingly interested in Bitcoin and other cryptocurrencies. He's seen a marked shift in the conversations he's having, moving from the need to educate clients on the basics of crypto to managing their expectations and emotions as the market has surged.
"We get a lot more questions about Bitcoin now it's been in the media a lot more of late. And when crypto performs as well as it does, you're going to get people asking questions," Sheehan says.
Part of that education process has involved tempering clients' enthusiasm and ensuring they understand the risks and volatility inherent in the crypto market. Sheehan emphasizes the importance of a long-term, disciplined approach, rather than chasing short-term gains.
"I think a lot of what we've taught clients is that you don't want to watch daily price movements. You're looking at a longer-term portfolio that the goal is to be at x price in 5, 10, 15 years’ time.
“Bitcoin is part of that, and it's a longer-term hold. It's going to be more volatile, but you have to be willing to ride out some of these fluctuations, if you see the long term picture in mind."
As the crypto market continues to evolve, Sheehan and other financial advisors will play a crucial role in guiding investors through the excitement and uncertainty.
With a focus on long-term fundamentals, risk management, and building trust through shared conviction, they are helping to shape the future of finance in the digital age.
