Digital Asset Policy
Upholding our commitment to providing integrated wealth management and investment planning, Harrison Financial Services believes we should be knowledgeable about alternative investments, new types of investment offerings, and trends in the wealth management and financial planning industry. With this in mind, we are committed to understanding digital assets. Our commitment to understanding does not mean we endorse, nor recommend, these investments. However, being knowledgeable enables us to answer clients’ questions about these areas and, if appropriate, take action to invest.
What We Can and Cannot do
As an affiliate of Northwestern Mutual, we do not have the ability to purchase cryptocurrencies nor recommend virtual currencies such as Bitcoin.
What we can do for our clients is
- Share the potential risks of investing in digital assets
- Accept unsolicited orders for securities that have an investment strategy of holding or trading cryptocurrencies
- Recommend eligible securities from one of our research lists that have an investment strategy of holding or trading cryptocurrencies.
We acknowledge that our clients may choose to invest in digital assets and encourage you to keep the following in mind:
- If you choose to invest in digital assets such as crypto currency make sure to perform due diligence on the firm where you are purchasing the assets.
- Digital assets are considered an alternative asset and should not be classified as an equity or fixed income holding. As with all asset groups, investors should be properly diversified and not take a material position in any one alternative.
- Include digital assets in your financial plan. This will help HFS monitor the value of your asset as a part of your plan.
- It also is important to make sure your password and access to your digital asset can be found if you become incapacitated.
The Future of Digital Assets
It is important to monitor and be aware of digital assets. In constructing financial plans, clients should disclose their digital assets to their advisor, and they should be considered in the overall plan. In some cases, digital assets, though held outside of HFS, have become a material part of an individual’s wealth and that should be noted in the plan. HFS will continue to monitor any regulatory changes around digital assets and the potential for broader adoption of these assets. Digital asset investment options are still in their infancy and maturing and we would advise patience and implementing the appropriate due diligence before investing in this area.