- Morgan Stanley to let retirement accounts to explore crypto investment
- The bank reportedly holds $8.2 trillion in client assets across its wealth and investment services
- The bank could let clients allocate upto four percent of their funds towards crypto investments
Wall Street giant Morgan Stanley has decided to let all its clients access crypto investment options. Under this decision, all kinds of account holders including retirement accounts will be able to explore crypto investments, CNBC reported on Friday, October 10.
Up until now, Morgan Stanley only allowed clients with at leat $1.5 million in assets to hold crypto a taxable brokerage account. Starting October 15, however, this will not be the case.
The bank’s financial advisors will be allowed to pitch tangible crypto investment strategies to the clients after October 15 as the bank pivots to a friendlier stance towards the digital assets sector.
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Founded in 1935 and headquartered in New York, Morgan Stanley reportedly holds $8.2 trillion in client assets across its wealth and investment services.
Its decision to let clients across categories to tap into crypto essentially shows the bank reducing the eligibility for clients to do so. The change could be nudged by the major pro-crypto policy overhaul that picked pace after Donald Trump returned to the White House as the 47th president of the U.S. with the ambition to transform the country into the crypto capital of the planet.
Moving forward, however, Morgan Stanley will use an automated monitoring process to ensure that its clients are not concentrating their savings into crypto assets, that are still volatile in nature. This will be to safeguard its clients against financial risks and unstable market conditions.
It is expected that the bank would let clients allocate upto four percent of their funds towards crypto investments, based on thorough discussions with in-house financial advisors.
For now, Bitcoin funds from BlackRock and Fidelity will be top options that Morgan Stanley advisors will pitch to their clients looking to diversify their portfolio with crypto.
As of now, the CNBC report has neither been confirmed nor denied officially by the bank. Elaborate details on the development also remain awaited.
