A recent survey conducted by CoinShares, a prominent digital asset investment firm, has illuminated a substantial disconnect between the digital asset holdings of wealth management clients and the visibility of these assets within traditional advisory frameworks across Europe. The findings, released in 2026 and stemming from a comprehensive survey of 261 wealth management professionals, reveal that a significant percentage of clients’ digital assets are managed independently, bypassing the purview of their financial advisors. This "management gap," as CoinShares terms it, poses a critical challenge for wealth managers seeking to offer holistic and informed financial guidance in an increasingly complex investment landscape.
Unveiling the "Management Gap" in European Wealth Management
The CoinShares research, executed through Citywire Engage and encompassing key European financial hubs such as France, Germany, Italy, Switzerland, and the United Kingdom, paints a stark picture. The core conclusion is that a considerable portion of clients’ digital asset portfolios exists beyond the direct knowledge and oversight of their wealth advisors. This phenomenon, termed the "management gap," refers to the segment of a client’s digital asset exposure that falls outside an advisor’s supervision and remains invisible within the established client-advisor relationship.
The extent of this gap is particularly concerning. Across the surveyed European markets, a staggering 25% of wealth managers reported that this management gap exceeded 50% of their clients’ digital asset holdings. This implies that for a quarter of advisors, more than half of their clients’ investments in digital assets are completely unknown to them. The situation is even more pronounced in the United Kingdom, where 52% of advisors indicated that the management gap surpassed the 50% threshold. This suggests that in the UK, over half of the digital assets held by clients are not part of their managed portfolios.
The survey’s findings are consistent across all five surveyed markets and across various advisor roles, highlighting a pervasive trend. A crucial correlation emerged: lower engagement with digital assets by advisors directly correlated with a wider management gap. Conversely, when advisors were equipped and enabled to discuss digital assets with their clients, these holdings demonstrated a greater propensity to be integrated into managed allocations. This suggests that the absence of such discussions, often due to internal firm policies or advisor knowledge gaps, leads clients to seek independent investment avenues, frequently utilizing cryptocurrency exchanges and self-custody platforms that remain opaque to their primary financial advisors.
Firm Policy: The Primary Driver of the Digital Asset Advisory Disconnect
The report unequivocally identifies firm policy as the principal determinant of this significant management gap. A substantial 61% of surveyed advisors operate within firms that either outright restrict digital asset investments or provide no clear internal guidance on the matter. CoinShares categorizes these entities as "blocked firms," signifying an environment where proactive engagement with digital assets by advisors is actively hindered.
Interestingly, the survey also indicates that the knowledge gap among advisors tends to follow, rather than precede, firm policy. Over three-quarters of advisors who self-identified as not being sufficiently informed to provide advice on digital assets were found to be employed by these "blocked firms." This suggests that the restrictive policies of financial institutions are creating an environment where advisors are less likely to develop expertise or confidence in digital asset advisory, thereby perpetuating the gap.
Client Education and Regulatory Recognition: Key to Bridging the Divide
When advisors were queried about the factors that would most enhance their confidence in recommending digital assets, two primary themes emerged. Regulatory recognition of digital assets as a legitimate asset class was cited by 45% of respondents as a crucial improvement. This underscores the desire for a more established and secure legal framework, which would likely provide greater comfort and clarity for both advisors and their clients.
Following closely, 43% of advisors pointed to improved access to exchange-traded products (ETPs) as a key facilitator. The availability of regulated and accessible ETPs would offer a more traditional and familiar investment vehicle for digital assets, simplifying their integration into existing investment strategies and reducing the perceived risk associated with direct cryptocurrency holdings. These two factors—regulatory clarity and accessible investment products—accounted for the vast majority of advisor responses, overshadowing other potential drivers.
Notably, client-facing educational tools ranked joint last in terms of importance, receiving only a 9% endorsement. This was the case even among advisors who admitted to feeling uninformed about digital assets. This finding is particularly striking, suggesting that the primary barriers are not necessarily a lack of client demand for education, but rather the structural and regulatory impediments faced by advisors themselves.
A Stark Reality: The CEO’s Perspective
Jean-Marie Mognetti, CEO, Co-founder, and President of CoinShares, did not mince words in his assessment of the survey’s findings. "The data is uncomfortable, so let us state it plainly," Mognetti stated. "Across Europe, one in four wealth managers cannot see the majority of their clients’ digital assets. In the UK, it is more than one in two. The capital has already been allocated. The people entrusted with managing it simply cannot see it, and in most cases not because clients are unwilling to engage, but because firm policy prevents them from doing so."
Mognetti’s statement directly attributes the problem to institutional inertia and restrictive firm policies, rather than client reticence. This highlights a critical need for wealth management firms to re-evaluate their stances on digital assets and to proactively develop frameworks that allow advisors to engage with this evolving asset class.
Implications for the Future of Wealth Management
The CoinShares report carries significant implications for the future of wealth management. As digital assets continue to mature and gain broader acceptance, the current "management gap" represents a missed opportunity for wealth managers to provide comprehensive advice and retain client assets within their advisory relationships.
Loss of Assets Under Management (AUM): Firms that fail to adapt risk seeing a significant portion of their clients’ wealth allocated to digital assets outside their purview, directly impacting their AUM and revenue streams.
Erosion of Client Trust: If clients perceive their advisors as being out of touch with a significant part of their financial lives, it could lead to a decline in trust and potentially the loss of clients to more forward-thinking advisory services.
Increased Risk for Clients: When digital assets are held outside of an advisory relationship, clients may be more susceptible to risks associated with unregulated platforms, poor security practices, and a lack of diversification advice. Advisors, unable to see these holdings, also cannot offer guidance on managing these risks.
Competitive Disadvantage: Wealth management firms that embrace digital asset advisory and integrate them into their offerings will likely gain a competitive edge, attracting clients who are increasingly interested in this asset class.
The Path Forward: A Call to Action for the Industry
The findings from CoinShares serve as a clear call to action for the wealth management industry. To bridge the management gap, several key steps are crucial:
- Policy Reform: Financial institutions need to move away from restrictive policies and develop clear, supportive frameworks for digital asset advisory. This includes establishing internal guidelines, risk management protocols, and compliance procedures.
- Advisor Education and Training: Firms should invest in comprehensive training programs to equip their advisors with the knowledge and confidence to discuss digital assets, understand their risks and opportunities, and integrate them into financial planning.
- Technological Integration: Developing or integrating platforms that can provide visibility into client digital asset holdings, even if managed independently, would be a significant step towards holistic wealth management.
- Engagement with Regulators: The industry, in conjunction with firms like CoinShares, should actively engage with regulators to foster a clearer and more supportive regulatory environment for digital assets.
- Product Development: Collaborating with asset managers to offer a wider range of regulated digital asset investment products, such as ETPs, will make it easier for advisors to incorporate these assets into client portfolios.
The 2026 CoinShares survey underscores a critical juncture for wealth management. The digital asset revolution is not a future prospect but a present reality. Firms that acknowledge this reality and proactively adapt their strategies and policies will be best positioned to serve their clients effectively and thrive in the evolving financial landscape. The "management gap" is not merely a statistical anomaly; it represents a fundamental challenge to the very definition of comprehensive financial advisory in the 21st century.
