03.23.25

BNY Pershing’s New Cash Sweep Charge To Hit RIAs First

by: Bruce Kelly

BNY Pershing’s plans to create a new charge on client cash held in accounts of registered investment advisors (RIAs) that custody with Pershing and broker-dealers that use it for clearing are taking shape. In all likelihood, BNY Pershing will introduce the new cash sweep plan initially with registered RIAs that use its platform and then roll out the charge to broker-dealers at some point in the future, say sources. The plan calls for sweeping the first $10,000 held in a broker-dealer or RIA’s customer’s account into a cash product that it controls.

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