Blockchain: What is it and why should financial advisors care about it?

blockchain

Blockchain, the technology that underpins bitcoin, is primed to cause serious change to how we do business in the financial services industry.

Subscribe to Steve's Podcast

Today’s podcast guest, Alex Tapscott, is the co-author of an important new book called, Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World.

Alex describes blockchain as a vast, global distributed ledger where digital assets can be moved, stored, and managed securely and privately and where trust doesn’t need to be established by a third-party or an intermediary, but rather can be established in collaboration, cryptography and clever code.

Bitcoin, which we’ve all heard about, is the largest and most used blockchain in the world.

Now, why am I talking about blockchain and why should you care as a financial advisor?

One simple reason…blockchain could fundamentally alter the way financial advisors interact with, connect to, and get paid by consumers. And it could cut billions of dollars out of the intermediary cost structure of the financial services industry.

Listen to Steve Sanduski and Alex Tapscott Discuss Blockchain

iTunes Between Now and SuccessStitcher-button

Is this going to happen overnight? No. But you listen to my podcast because I keep you informed about where the industry is going, not where it’s been. You listen to my podcast because you want to be an advisor who takes full advantage of what’s coming around the bend so you can profitably make the turn instead of careening off the cliff.

Everything related to money whether it’s investing it, moving it, storing it, or monitoring it is being driven down to zero through algorithms and, in the near future, through blockchain. The historical value that financial advisors provide in managing money is becoming obsolete and advisors who don’t adjust to that will become obsolete, too.

The value that remains for financial advisors is in helping clients get more return on life for the money they do have. And I’ll have much more to say about this topic in the months to come. Stay tuned…

Bitcoin Resources

Buy Alex’s new book, Blockchain Revolution

Follow Alex Tapscott on Twitter

Good background article on What is Blockchain from The Wall Street Journal

McKinsey & Company interview with Don Tapscott on How Blockchains Could Change the World.

Get More Tools for FREE From Belay Advisor

Don’t let the industry pass you by. Become a Belay Insider today, for FREE, and never miss a new post or podcast.

PLUS get exclusive free tools and access to the podcast transcripts. Register right now for free.

Enter your desired password twice. Must be at least 8 characters long.

Forgot Password?

The following two tabs change content below.
Steve is the founder of Belay Advisor and a NYT bestselling author, podcast host, speaker, and financial advisor coach.

Latest posts by Steve Sanduski, CFP® (see all)

Be the first to comment

Leave a Reply

Your email address will not be published.


*


Wishlist Member WooCommerce Plus - Sell Your Membership Products With WooCommerce The Right Way .