In addition to 5.10% APY, Altruist Cash users get access to FDIC insurance through partner banks—up to $1 million for individual accounts and $2 million for joint accounts—and same day transfers.
Altruist, the modern custodian for RIAs, launches Altruist Cash, its native cash management solution. The announcement comes just weeks after T3 named the company the #1 custodian advisors are considering switching to. The new product, one of the most highly requested features from advisors on the platform, offers end clients 5.10% APY on cash held in Altruist Cash accounts–11x the national average.* The offering bolsters an existing set of features designed to help RIAs drive better outcomes for their clients.
Historically, custodians have resisted offering attractive yields to end clients because interest on cash is a significant source of revenue. As a result, advisors end up pushing clients to third parties in search of better yields. This practice, however, reduces advisor visibility and creates additional administrative work for the client. Under this system, client cash might sit idle, resulting in suboptimal returns. This represents a substantial missed opportunity in a high interest rate environment.
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“Now RIAs don’t have to choose between visibility into clients’ entire financial picture and industry-leading APY. Altruist Cash joins a growing list of features that help advisors drive greater impact, including fractional shares, fully-paid lending, and a suite of upcoming tax management features.”
“We heard it from countless advisors: ‘Please offer a high yield cash account,’” says founder and CEO, Jason Wenk. “Now RIAs don’t have to choose between visibility into clients’ entire financial picture and industry-leading APY. Altruist Cash joins a growing list of features that help advisors drive greater impact, including fractional shares, fully-paid lending, and a suite of upcoming tax management features.”
In addition to 5.10% APY, Altruist Cash users get access to FDIC insurance through partner banks—up to $1 million for individual accounts and $2 million for joint accounts—and same day transfers. With no minimum balance requirements, and no setup or subscription fees, Altruist ensures that its products, and the ensuing benefits, are available to all.**
Alongside offering higher yield to their clients, Altruist empowers RIAs with fast and efficient account opening, funding, billing, reporting, trading, and rebalancing.
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