Nine in ten financial advisers in the UK have no interest in cryptocurrencies, meme stocks

Financial advisers are not too keen on cryptocurrencies and meme stocks as they find the assets plagued by high volatility and under the radar of regulators.

Even as people across the globe diverse their investments with cryptocurrency, independent financial advisers in the UK are wary of the prospect. A poll now shows that more than nine in ten independent financial advisers (IFAs) in the UK would never recommend cryptocurrencies or meme stocks to their clients. The opinion poll based on responses from 200 IFAs in the UK revealed that 93 per cent of IFAs would never recommend cryptocurrency investments to their clients. Similarly, 95 per cent would never do so for meme stocks, which are shares of companies that see a surge in viral activity fueled by social media platforms. Investments in cryptocurrencies and meme stocks have surged recently during the pandemic with high savings and the growing popularity of the options among new investors. IFAs, however, are concerned about the highly volatile nature of this asset class, especially with the regulators keeping a close eye on their operations.