Cash sweep account options have long been a source of contention. These programs, used by major broker-dealers as a short holding place for client cash that is between investments, are often ...

Fidelity is removing an option for RIAs to have idle cash in clients' custody accounts automatically swept into high-yielding money market funds. While the brokerage firm has had a policy of ...

Next year, custody, non-retirement brokerage accounts will convert and default to Fidelity's FCASH sweep holding option.

Later this year, Fidelity is planning to cut off access for independent advisors to using its high-yield money-market funds as the sweep account option for client cash. Instead, new nonretirement ...

Cash has been king ever since the Fed began hiking rates two years ago, but it’s getting a little harder lately for investors to earn a nice return off idle dollars. That’s not just because interest ...