Ric Edelman’s DACFP expands crypto education program to accommodate more students

Ric Edelmans ongoing crusade to strengthen cryptocurrency education spreads its wings.

The Edelman-led one Digital Assets Council of Financial Professionalsa research and education organization where financial advisors can earn an online certificate in blockchain and digital assets has announced a completely revised and expanded program with four distinct lesson tracks for a wider range of crypto enthusiasts.

Along with a track that teaches advisors how to integrate digital assets into their practice and explain crypto to clients with confidence, the expanded program has a track designed for non-client-facing financial professionals that focuses on regulatory and operational issues; an industry track for those employed in the digital asset community; and an Investor/Consumer/Student track that is a place for enthusiasts and the crypto-curious looking to gain a better understanding.

The DACFP program, which debuted in 2021 and is considered the first of its kind, offers up to 18 credits upon completion. From last summerthe program had registered more than 1,200 people from eight countries.

Instructors include Scott Stornettathe co-inventor of blockchain technology; Lex Sokolinhead of crypto economics at ConsenSys; Del Wright Jr., professor at the University of Missouri-Kansas City Law School; and Laura Shina crypto writer and podcaster.

Edelman, who has made crypto education his primary focus since stepping away from his namesake $291 billion independent advisory firm in 2021, said the new four-track program broadens the council’s appeal to a wider audience.

He also argued that the current market economic turmoil amid a fast-moving banking crisis is motivating Americans to find alternative places to store their cash. The closure of Silvergate and Signature Bank, two of the top cryptocurrency banks, within a few days also created turbulence in the digital asset space.

“In a strange and unexpected way, Bitcoin in 2023 has proven to be safer than bank accounts and far outperforms stocks,” Edelman said in an email to Financial planning. “People are now realizing that they need to understand how crypto works, and our certificate program is the best way for all of them to learn.”

He cited the volatility surrounding digital assets at the end of 2022 as evidence of the need to accelerate the alternative asset class.

“After 2021’s huge crypto performance, many people became complacent, thinking that crypto was an easy path to riches. But 2022 brought everyone back to reality,” Edelman said. Collapses of Terra/Luna, Celsius, Voyager, BlockFi and others, culminating in the FTX debacle, made everyone realize that this is not as simple as they thought, so they need a better understanding of crypto so they can handle the risks and opportunities more effectively.”

Edelman added that the most interesting statistic from last year’s ups and downs is that crypto adoption rose 10% in 2022 despite a 70% price drop. “Now 22% of US adults own crypto, and that’s probably an even higher percentage of RIA clients. This makes it important that advisors and their firms learn about this asset class. Because if they can’t or won’t help their clients, their clients will approach other advisors who will,” Edelman said.

The DACFP announcement cites demand as one of the drivers behind the expansion. Edelman told Financial Planning that his team expected a high level of advisor interest. But what surprised him is the strong interest from those outside asset management.

“We have discovered that 60% of the people enrolled in our certificate course are not advisers. They work in financial services. They are executives, managers and back-office personnel in advisory firms, as well as regulators and the media,” Edelman said. “We have also had a large number of people from fund companies sign up for our course. In many cases, the fund companies require their employees to complete the course, because the companies themselves are trying to figure out what their crypto strategy should be. but (are) discovering that no one in the firm has sufficient knowledge of this new asset class.

Because his original course was designed exclusively for counselors, adjustments had to be made. Edelman said some of the program’s content is not of value to non-client-facing finance executives, or to crypto professionals or the public.

“Educating the public is hugely important, and we — the financial industry and the crypto community — have an obligation to educate consumers about this new asset class,” Edelman said. “Over the past two years, according to the FTC, 46,000 Americans have lost $1 billion to crypto scams and scams. This happened because people have heard the hype but lack the knowledge they need to protect themselves.”

The announcement comes as Bitcoin thrives amid chaos. Bloomberg reported Monday that banking sector turmoil, warmer-than-expected inflation data and renewed hopes for a dovish Federal Reserve have pushed the biggest digital coin to levels not seen in about nine months.

Bitcoin topped $28,000 for the first time since June 2022 and was trading around $28,200 early Monday. The currency is now up more than 70% since the start of the year, Bloomberg reported. Other tokens have also rallied, with Ether gaining nearly 50% since December 31st and Solana more than doubling.

Crypto markets have regained ground since hedge fund Three Arrows Capital and crypto lender Celsius Network collapsed last summer. The chaos in traditional banking markets, which saw Swiss lender Credit Suisse plunge into a government-brokered takeover of rival UBS on Sunday and several US lenders failed in recent weeks, is supporting crypto on expectations that central banks will have to pause rate hikes.

The expansion is the latest effort by DACFP to reach more potential students. In June 2022, Flourish and DACFP entered into a partnership which gives all RIA clients of Flourish Crypto access to an introductory course specifically designed to help advisors become more fluent in blockchain, bitcoin, ethereum and other digital assets.

Other measures to strengthen education of digital assets within wealth management in 2022 included Interaxis and CPE World merge to form a comprehensive platform to teach financial advisors and accountants how to incorporate cryptocurrencies into their practice.

Interaxis started in 2019 as a YouTube channel for certified financial planner Adam Blumberg and financial analyst Ron Dixon to explain the world of blockchains, cryptocurrencies and decentralized finance. As the platform grew, Blumberg closed his RIA to work full-time on digital asset education.

And autumn 2022shared Envestnet’s plans to roll out a crypto education program with assistance from Anthony Pomplianothe founder of Pomp Investments, and the cryptocurrency recruitment firm Inflection points.

Edelman said he welcomes others to create and distribute crypto education, saying the more such content is available, the faster we’ll get everyone educated.

“But I would caution those who are interested. It is challenging to create content that is interesting as well as informative; challenging to keep it current; challenging to keep it educational and not a veiled sales pitch; challenging to promote it and gain attention; challenging to make all this profitable,” he said. “DACFP has the biggest brand in this area, has the most recognized program in the field, and has a big head start.

“So even if anyone can make a soda, it’s hard to compete with Coca-Cola.”