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Fidelity to Switch Advisor Custody Accounts to FCASH as Only Core Sweep Option
News November 27, 2024 at 04:28 PM
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What You Need To Know
- Starting next year, non-retirement custody cash sweeps will default to an option with lower yields than the fund many RIAs currently use.
- Advisors can trade into other investment options, Fidelity notes.
- Several investment managers have been sued in recent months over low interest rates on cash sweeps.
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