GENERAL – Page 2 – DACFP Advisor Directory

Can you create Roth IRAs for minors? Seems a tremendous long term growth opportunity.
Ryan Peterson, President, Copperleaf Capital| Ric responded, October 19, 2021

fryoneusa2021-11-01T17:49:00-04:00

Sure, provided they have an earned income. I often joke with clients that they should have their babies become models, appearing in ads for baby food and kids’ clothing. Let them earn an income so they can place it into a Roth IRA! Teenagers mowing lawns and babysitting can also open Roth IRAs. Mom and [...]

Can you create Roth IRAs for minors? Seems a tremendous long term growth opportunity.
Ryan Peterson, President, Copperleaf Capital| Ric responded, October 19, 2021fryoneusa2021-11-01T17:49:00-04:00

Do crypto custodians hold digital assets in Omnibus accounts?
Leon Osborne, Due Diligence Consultant, MML Investor Services, | Ric responded, October 19, 2021

fryoneusa2021-11-01T17:48:21-04:00

Those serving financial advisors do.

Do crypto custodians hold digital assets in Omnibus accounts?
Leon Osborne, Due Diligence Consultant, MML Investor Services, | Ric responded, October 19, 2021fryoneusa2021-11-01T17:48:21-04:00

Does it make a difference whether the custody remains online or hardware (offline)?
Michael Eastham Advisor | Ric responded, October 19, 2021

fryoneusa2021-11-01T17:42:12-04:00

Yes. Offline is safer (you can’t hack a filing cabinet) but doesn’t allow for instant trading. Online is convenient but exposes you to hacker risk.

Does it make a difference whether the custody remains online or hardware (offline)?
Michael Eastham Advisor | Ric responded, October 19, 2021fryoneusa2021-11-01T17:42:12-04:00

Can a central bank digital currency and a private digital currency coexist in the U.S. political system?
Richard Turgeon, CIO, Wellspring Financial Advisors | Ric responded, October 19, 2021

fryoneusa2021-11-01T17:40:50-04:00

Sure. And many think that’s exactly what will happen.

Can a central bank digital currency and a private digital currency coexist in the U.S. political system?
Richard Turgeon, CIO, Wellspring Financial Advisors | Ric responded, October 19, 2021fryoneusa2021-11-01T17:40:50-04:00

With the advent of a futures ETF, it would seem a spot ETF is not too far out. What would be a reasonable timeframe on expected ETF?
Peter Sullivan, Associate Wealth Manager, Thompson Wealth Management | Ric responded, October 19, 2021

fryoneusa2021-11-01T17:39:57-04:00

I expect the SEC to approve a bitcoin ETF within 18 months. And I’ve been saying that for 7 years.

With the advent of a futures ETF, it would seem a spot ETF is not too far out. What would be a reasonable timeframe on expected ETF?
Peter Sullivan, Associate Wealth Manager, Thompson Wealth Management | Ric responded, October 19, 2021fryoneusa2021-11-01T17:39:57-04:00

Please comment on stablecoins and their theoretical value. Their actual holdings seem to be very murky at best. The lack of Liquidity would likely to be an issue in another global economic event.
Thomas Yorke, Managing Director, Oceanic Capital Management | Ric responded, November 1, 2021

fryoneusa2021-11-01T17:36:41-04:00

I have no idea what their theoretical value is. I only know their real prices.

Please comment on stablecoins and their theoretical value. Their actual holdings seem to be very murky at best. The lack of Liquidity would likely to be an issue in another global economic event.
Thomas Yorke, Managing Director, Oceanic Capital Management | Ric responded, November 1, 2021fryoneusa2021-11-01T17:36:41-04:00

Does rebalancing within digital assets change much if wash sale rule becomes applicable due to potential new law/rule?
Phyllis Chapman, Portfolio Manager | Ric responded, November 1, 2021

fryoneusa2021-11-18T15:30:52-05:00

The wash sale rule applies to securities. Bitcoin is not a security; therefore, the wash sale rule does not apply to it. But other coins are considered to be securities, so the wash sale rule does apply to them. Also, OTC trusts, such as GBTC, BITW and OBTC, are securities and thus fall under the [...]

Does rebalancing within digital assets change much if wash sale rule becomes applicable due to potential new law/rule?
Phyllis Chapman, Portfolio Manager | Ric responded, November 1, 2021fryoneusa2021-11-18T15:30:52-05:00

What is the best way to educate the masses on bitcoin and digital assets?
Marcel Lewinson, Financial Professional | Ric responded, November 1, 2021

fryoneusa2021-11-01T17:34:50-04:00

Give them a copy of new book, The Truth About Crypto, which is being released in May. You can preorder now, and if you’d like to order bulk copies at a discount, give us a shout.

What is the best way to educate the masses on bitcoin and digital assets?
Marcel Lewinson, Financial Professional | Ric responded, November 1, 2021fryoneusa2021-11-01T17:34:50-04:00

What correlation do you find between the overall equity markets and the price of BTC?
Mindy Laprel, CFP | Ric responded, November 1, 2021

fryoneusa2021-11-01T17:33:15-04:00

Zero. That’s a beauty of buying bitcoin – it helps with portfolio diversification, ala Markowitz and the Efficient Frontier.

What correlation do you find between the overall equity markets and the price of BTC?
Mindy Laprel, CFP | Ric responded, November 1, 2021fryoneusa2021-11-01T17:33:15-04:00

Do “wash sale” regulations apply to digital assets?
Patricia Whitley, Advisor | Ric responded, September 22, 2021

fryoneusa2021-09-22T14:24:55-04:00

The wash sale rule applies to securities. Bitcoin is not a security; therefore, the wash sale rule does not apply to it. But other coins are considered to be securities, so the wash sale rule does apply to them. Also, OTC trusts, such as GBTC, BITW and OBTC, are securities and thus fall under the [...]

Do “wash sale” regulations apply to digital assets?
Patricia Whitley, Advisor | Ric responded, September 22, 2021fryoneusa2021-09-22T14:24:55-04:00