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.

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