Morgan Stanley changes strategy: plans to open 15,000 brokers to actively promote Bitcoin spot ETFs

This site (120btC.coM): According to AdvisorHub, since the Bitcoin spot ETF was approved for listing in January this year, Morgan Stanley, like many peers, has been offering this Products, but only for non-active promotion, customers must proactively ask the consultant for investment matters. Allowing consultants to recommend such products would increase demand for the products, but would also expose companies to additional legal liability.

However, according to two executives familiar with the matter, Morgan Stanley is planning to allow its approximately 15,000 brokers to promote clients to buy Bitcoin spot ETFs. One of the executives familiar with the matter said that Morgan Stanley is trying to The proactive sales model establishes safeguards, including risk tolerance requirements and restrictions on allocation and trading frequency.

An executive familiar with the matter said that Morgan Stanley will be very cautious about this and hopes to allow every customer to receive Bitcoin spot ETFs in a controlled manner; however, the exact time of the change was not disclosed.

However, Morgan Stanley executives also stated that although customers have shown strong interest in Bitcoin spot ETFs, it is still only a speculative purchase, and most customers only invest a little money.

Marketing status of other banks

Other peers have adopted similar cautious strategies. Bank of America’s Merrill Lynch and Wells Fargo launched related products shortly after the approval of Bitcoin spot ETFs. , but it is also limited to non-active solicitation of purchases, and in some cases, only to ultra-rich customers. For example, Merrill Lynch requires that customers must have at least US$10 million or more in assets before they can purchase Bitcoin spot ETFs.

LPL Financial, the largest independent broker in the United States, said in February that it planned to take three months to determine which Bitcoin funds it could offer customers. Cetera Financial Group, an independent broker-dealer, had already announced in March Approved to provide 4 Bitcoin spot ETFs to customers.

Some institutions still refuse to provide such products

However, not all traditional financial institutions are actively rushing into Bitcoin-related products. Raymond James Financial’s trading platform does not provide cryptocurrency products. Vanguard also refused to provide cryptocurrency products, saying that cryptocurrency is more like speculation than investment, which is the fundamental reason for the company's decision not to provide related products.

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