The meteoric rise of Bitcoin this year has shaken the wealth management industry as more retail and institutional investors crave being one of the cool kids investing in digital assets.

The world’s largest cryptocurrency is undoubtedly the most hyped asset on the block, with prices ascending to a record high of $64,000 as the direct public offering of the country’s biggest crypto exchange, Coinbase Global Inc., fueled mainstream interest.

Plus, major players are going all in on digital assets. Morgan Stanley became the first Wall Street bank to offer its wealthier clients access to Bitcoin. Goldman Sachs quickly followed suit, which could ramp up pressure on other financial institutions. New products and services designed to help advisers work with cryptocurrency — from passive funds to separately managed account options — continue to come to market.

Organizations such as the RIA Digital Assets Council have sprung up, too, in an…

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