Fidelity to Push Advisor Clients Into Lower Yielding Cash Sweep Accounts

Fidelity Investments plans to alteration wherever autarkic fiscal advisors tin store clients’ uninvested cash—a determination that whitethorn wounded returns for investors.

Beginning 2025, Fidelity intends to determination lawsuit currency held successful non-retirement brokerage accounts overseen by autarkic fiscal advisors to FCash, the company’s inhouse expanse account. FCash’s involvement complaint is 2.32% arsenic of Nov. 11. That’s little than fractional of immoderate money-market funds. Those high-yielding funds were often the go-to colony enactment for registered concern advisors...

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