Despite recent talk of a coming crypto spring, the crypto winter that took hold in early 2018 still persists into the new year. While the total market capitalization of digital assets once topped $830 billion, that number is now $130 billion at the time of writing. Since the beginning of this market meltdown, we’ve witnessed bitcoin slide from $20,000 to $3,900 today — an 80% decline.
While this dramatic turn of events is undoubtedly negative, the rise and fall of digital assets continues to push a narrative that facilitates investor awareness. As they say, any publicity is good publicity — and that appears to ring true for the digital asset class. In fact, the question “what is Bitcoin” was among the top questions people were asking Google in 2018.
In line with this trend, a newly released report by Bitwise Asset Management in conjunction with ETF Trends, found that financial advisors received crypto questions from 79% of their clients in the preceding 12 months. This as an impressive number considering the negative sentiment currently dominating the market.
In the same report 22% of surveyed advisors said they “plan to either start a new allocation to crypto or increase their existing allocation to crypto in client accounts in 2019.” Whether you’re one of these advisors or not, it appears that digital assets will be an increasingly large component of client portfolios. As companies like Fidelity, Facebook, Nasdaq and NYSE bring new crypto investment products to market, financial advisors will likely see even greater interest in this space.
Of course with any investment product, there are taxation implications for your clients — that’s where we come in. The Coqonut platform was created to help you seamlessly guide your clients through the capital gains process for crypto assets. Whether you’re a crypto newbie or veteran, our platform allows you to offer a valuable, increasingly in-demand service.
How to Sign up as an Advisor
As a financial advisor, you’ll need to create your own account before you can invite clients.
Inviting Your Clients
Once you’ve completed the sign up process, you’ll have access to the financial advisor dashboard. This intuitively designed interface allows you to easily add your clients with the click of a button.
When you add a client, you’ll be prompted to enter their name and email address. You’ll also have the option of selecting the appropriate fiscal year (2014 through 2018 available) and the accounting method you’ve agreed to use. The First In-First Out (FIFO) and Weighted Average Method (WAM) are currently supported.
After a client is added, you can then invite them to the Coqonut platform. This is done by clicking on the mail icon in line with their name on your dashboard.
When you send your client an invite, they’ll receive and email that prompts them to sign up for and connect their individual account.
How Your Client Signs Up
When your client clicks the “Connect” button in the email they recieve, they’ll be brought to the signs up page for their account. Because you’ve already entered their name and email on your end, they will only be prompted to choose a password and reference currency (USD and EUR are currently supported).
Once your client has signed up, they will be brought to their own individual dashboard where they can begin the process of importing their data. You can find detailed instructions for your clients here.
Coqonut for Financial Advisors is Easy and Secure
As a financial advisor, we understand that your time is valuable. Even more important is the quality and value of your services. Using the Coqonut platform, you’ll save time and money while elevating your professional presence. Our platform is completely safe to use and only accesses transactions for the purpose of calculating capital gains and losses. Your clients will can easily import all of their crypto-asset transactions from supported exchanges and wallets within minutes!
Once their data is imported, they will be charged only $9.99 per fiscal year to generate a report outlining their gains and losses. You’ll also receive a copy of their report. Our platform allows you to easily manage your client list, edit client details, and delete clients, simplifying your life. Invite your clients to the Coqonut service with one click to get started today!
