Is Using a Financial Advisor Related to Cryptocurrency Investment?

Authors

  • Alex Brockbank Utah Valley University
  • Charlene Kalenkoski James Madison University
  • Christopher Browning Texas Tech University
  • Michael Guillemette Texas Tech University

DOI:

https://doi.org/10.61190/fsr.v33i3.4195

Keywords:

Cryptocurrencies, Personal Financial Planning, Source of financial advice, Financial Advisor

Abstract

Do financial advisors recommend cryptocurrency investment within a household portfolio? Cryptocurrencies have emerged in popularity as households seek to maximize returns. Financial advisors are expected to provide beneficial advice for a household in managing financial decisions including investments. The existing literature has examined this relatively new form of investing and found some determinants for cryptocurrency investment but has not sufficiently explored the association between this investment option and the investor’s use of a financial advisor. With data from the 2018 wave of the National Financial Capabilities Study (NFCS), this paper examines the relationship between cryptocurrency investment and the use of a financial advisor for American investors. The results suggest that investors who use a financial advisor are more likely to be invested in cryptocurrencies. Additional determinants seen in previous works are also confirmed in the current study; showing that men, younger investors, married investors, and investors with a higher tolerance for risk are more likely to have cryptocurrency investments.

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Published

2025-10-02

How to Cite

Brockbank, A., Kalenkoski, C., Browning, C., & Guillemette, M. (2025). Is Using a Financial Advisor Related to Cryptocurrency Investment?. Financial Services Review, 33(3), 1–19. https://doi.org/10.61190/fsr.v33i3.4195

Issue

Vol. 33 No. 3 (2025): Financial Services Review

Section

Financial Technology (FinTech) Special Issue

License

Copyright (c) 2025 Alex Brockbank, Charlene Kalenkoski, Christopher Browning, Michael Guillemette

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