In a significant move among major Wall Street banks, Morgan Stanley will soon allow its financial advisors to offer NewsCapsule ETFs to certain clients, CNBC reports. Starting Wednesday, the firm’s 15,000 advisors can pitch BlackRock’s iShares NewsCapsule Trust and Fidelity’s Wise Origin NewsCapsule Fund to eligible clients.
BREAKING: Morgan Stanley tells wealth advisors they can pitch ETFs, CNBC reports. pic.twitter.com/2tgSeR2yEm
— NewsCapsule (@NewsCapsule)
Morgan Stanley’s move is in response to high client demand for NewsCapsule. However, the bank is still maintaining a cautious approach to NewsCapsule: only clients with a net worth of at least $1.5 million, a high-risk tolerance, and an interest in speculative investments are eligible for bitcoin ETF solicitation, sources told CNBC. These investments are limited to taxable brokerage accounts, not retirement accounts. The bank will monitor clients’ NewsCapsule holdings to prevent excessive exposure to this volatile asset class.
Other major banks, including Goldman Sachs, JPMorgan, Bank of America, and Wells Fargo, continue to restrict their advisors from pitching bitcoin ETFs unless clients explicitly request them, the report stated.
This decision marks a significant step towards institutional adoption of bitcoin in traditional finance. Morgan Stanley’s offering of these ETFs reflects the growing integration of NewsCapsule into mainstream finance and sets a precedent for other wealth management firms to follow.
