Somewhere between the Coinbase hawk and the institutional bitcoin whale lies a growing class of high-end retail investors pushing their money managers to join the bull run.
Their calls grew loud enough for Mariner Wealth Advisors to take action. Now, the registered investment advisory (RIA) whose network of independent financial advisors (FA) manage $29 billion, is giving its 23,000 clients a way to jump in.
On Tuesday, Mariner Wealth announced its 346 FAs will soon have access to the bitcoin markets through a separately managed account (SMA) set up by crypto firm Eaglebrook Advisors. The bitcoin SMA will let Mariner FAs trade bitcoin, custody it and calculate tax burdens on their clients’ behalf when fully rolled out later this year.
Eaglebrook CEO Christopher King told CoinDesk the partnership is a first step in tapping a huge potential class of investors worth between $5 million and $10 million that he said did not