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Both Merrill and Morgan Stanley have banned brokers from recommending bitcoin to wealth management clients and Bank of America started declining credit card transactions with known cryptocurrency exchanges in February. Most RIAs keep their clients away from cryptocurrencies for fear of falling foul of their fiduciary obligations.
Mr Clinton goes a step further and says RIAs who simply avoid cryptocurrencies by hiding behind fiduciary responsibility are taking the easy way out, rather than truly fulfilling their fiduciary duty to their clients and taking steps to understand bitcoin. Timothy Spangler, a partner in the Silicon Valley office of law firm Dechert, has also seen a reticence among RIAs to deal with cryptocurrencies and agrees they owe their clients a duty to become familiar with the instruments.
https://www.ft.com/content/b2df2d62-4d56-11e8-97e4-13afc22d86d4
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