Bank of America Allows Crypto Investment Advice as Vanguard Reverses ETF Ban
In a major shift for the financial world, Bank of America has officially authorized its financial advisers to recommend limited cryptocurrency exposure to clients, while investment giant Vanguard has overturned its long-standing restriction on crypto exchange-traded funds (ETFs). These developments mark a growing acceptance of digital assets by institutions traditionally known for conservative investment strategies. Bank of America Gives Green Light to Crypto Advice Bank of America’s wealth-management division now allows financial advisers to actively discuss and recommend cryptocurrency exposure for eligible clients. Advisers are permitted to suggest a modest allocation, typically ranging between 1% and 4% of a client’s investment portfolio, depending on financial goals and risk tolerance. Rather than encouraging clients to buy digital currencies directly, the firm emphasizes exposure through regulated investment products, especially spot Bitcoin ETFs. This approach reduces the c...