Cash Sweep: A Cost of Doing Business or A Fiduciary Breach?
Creative Planning 8444 Westpark Drive, Suite 610, McLean, VA, United StatesAs interest rates creep lower, banks, custodians and money managers are finding creative ways to generate revenue. Though it’s not a new practice, many are forcing cash into sweep bank accounts and paying a lower rate of return than offered by comparable money markets. A recent study pointed out that the average RIA held about…