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Fidelity reveals it switched its RIA sweep default to a much lower-yielding FCash product, on new accounts, during Schwab's very pre-occupied week; new yield still beats Schwab's by about 300%, but advisors are sure to be irked

The No. 2 Boston custodian will jack up the revenue it gets from RIA custody because it can pay their clients much less for cash -- as long as RIAs are too lazy to do cash sorting.

Author Brooke Southall November 4, 2023 at 2:12 AM
1 Comment
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Fidelity is making sure more cash flows into Boston by default.
Keith Girard contributed to the editing of this article.

RIA Custodians


steve

steve

January 9, 2025 — 9:18 AM
Did my yield just drop from 5+ to 4+ on my swxvv Advise!

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