- Olivia Long, CEO of SMSFAI, said the Australian financial advice industry’s ignorance of crypto is negligent, leaving investors to explore digital assets without access to professional advice.
- Long’s comments come after reports emerged that a digital asset industry professional was removed from an industry event to prevent members discussing cryptocurrency.
- Research from CoreData has shown that Aussie financial advisers significantly underestimate how many of their clients have invested in crypto directly or via crypto ETFs, further suggesting the industry is out of touch on crypto.
Olivia Long, the founder and CEO of Australian self-managed super fund administration platform SMSFAI, has called out the Australian financial advice industry for their alleged “continued bias against cryptocurrency”.
It’s 2025, yet we are still witnessing financial advisers and accountants burying their heads in the sand when it comes to cryptocurrency. The industry’s refusal to acknowledge crypto as a legitimate asset class is not just outdated – it’s negligent.
Olivia Long, CEO SMSFAILong’s attack comes after reports surfaced of a digital assets industry professional being excluded from an Financial Advice Association of Australia (FAAA) event recently, which she claims “sparked outrage”.
The digital asset industry professional was allegedly removed from the FAAA event because the association didn’t want its members discussing cryptocurrencies, a stance Long describes as a “blatant attempt to suppress knowledge, innovation, and progress”.
Long also pointed to the results of a recent survey from market research firm CoreData that suggests Australian financial advisors are significantly underestimating how many of their clients invest in crypto. She said it was a clear sign of the disconnect between advisors and investors.
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Advice Industry Ignorance Comes as Investors Increasingly Embrace Crypto
Long said an apparent wilful ignorance of crypto from Australia’s financial advice industry has led to a situation where the industry largely lacks the capacity to offer useful advice.
The FPA and financial advisers are supposed to act in the best interest of their clients. How can they do that when they refuse to educate themselves on an asset class that many Australians are already invested in?
Olivia Long, CEO SMSFAI“The crypto conversation isn’t going away. It’s time for advisers, accountants, and industry bodies to stop fearing change and start engaging in meaningful dialogue,” she said.
A CoreData survey released in March 2025 found that 77% of financial advisers estimate fewer than 5% of their clients invest in crypto or crypto ETFs. However when investors were asked directly it turned out a whopping 38% held some form of crypto investment.
CoreData has also found that just 11% of financial advice practices in Australia include crypto or crypto ETFs on their Approved Product List (APL), meaning they’re effectively barred from providing advice — or even discussing — crypto investments with their clients.
Long said the findings show that the Australian financial advice industry is struggling to keep up with investors’ embrace of crypto:
This is a clear sign that SMSF investors are moving ahead of the advice industry. They’re exploring crypto as part of a diversified strategy, often without professional guidance – because many advisers simply can’t engage in the conversation.
Olivia Long, CEO SMSFAIAustralia 8th Most Crypto Obsessed Country, Finds Report
Meanwhile, the World’s Most Crypto Obsession Countries 2025 report from Atmos has ranked Australia number 8, giving the country a score of 56.6 out of 100.
The report included four data points to calculate its crypto obsession score: crypto ownership rate, crypto adoption growth, crypto-related internet searches per 10,000 people and total number of Bitcoin ATMs.
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Australia lagged in crypto ownership rate, with the report finding just 9.6% of Aussies own crypto — but scored relatively highly on crypto-related searches and total Bitcoin ATMs.
The most crypto obsessed countries were found to be United Arab Emirates at 98.4, Singapore at 97.5 and the USA at 85.4.
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