11.25.24

Fidelity To Move RIA Client Cash From MMFs to Lower-Yielding Sweep Product

by: Ian Wenik

Fidelity Investments plans to convert all of its existing RIA non-retirement clients’ cash balances from money market funds (MMFs) to its in-house cash management product FCASH, potentially moving billions of client dollars into lower-yielding cash products. Insiders say that the conversion will take place sometime in the first quarter of 2025. Fidelity said in the memo that advisors could manually trade their clients’ cash out of FCASH and into a different cash management product, such as an MMF.

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