MaxMyInterest (“Max”), a leading provider of innovative cash management solutions for financial advisors and their clients, today announced an integration with Morningstar® ByAllAccounts®, the award-winning data aggregation service, to meet the needs of advisors seeking better ways to deliver a higher yield on client cash.
Max lets financial advisors offer an industry-leading solution for client cash, delivering preferential rates of up to 1.05%i APY on same-day liquid, FDIC-insured bank deposits, available exclusively through the Max platform. In turn, with client permission, advisors can gain visibility into held-away cash to offer more holistic financial advice while growing their business organically.
“We are excited to work with Morningstar on this integration to reach a wider group of financial advisors and enable them to better serve their clients,” said Michael Halloran, Head of Partnerships and Business Development at Max. “MaxMyInterest and the Max For Advisors program help advisors from more than 1,000 wealth management firms and their clients better manage both portfolio cash and held-away cash while earning preferred rates at some banks, with top rates that currently deliver more than five times the yield of a typical money market fund or 80 to 100 basis points more than a traditional bank or brokerage firm, all while remaining same-day liquid and FDIC-insured.”
The initial integration includes the ability to deliver client balance information into 40 platforms used by advisors for their client reporting. Morningstar ByAllAccounts is a leading data aggregation service for financial applications. Its AI technology collects, consolidates and enhances financial data that can be delivered into any platform, giving clients a unified view of their investment holdings. Independent financial advisors, wealth managers, family offices, and asset managers use Morningstar ByAllAccounts to structure financial data, improving client relationships and advisor productivity.
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“Morningstar’s mission is to empower investor success, and we’re looking forward to facilitating the delivery of a fintech solution like MaxMyInterest that helps to solve the problem of zero-interest rates on cash or cash-like balances for investors,” said David Johnson, Head of Morningstar ByAllAccounts. “Additionally, the integration with Morningstar’s ByAllAccounts will help advisors engage further with their clients and provide more holistic advice.”
Advisors can access Max balances by searching for the company name of “MaxMyInterest” on MorningstarByAllAccounts and using the advisor’s login credentials for the Max Advisor Dashboard to bring these balances into view. Notably, clients do not need to enter any login credentials in order to grant visibility to their advisors.
Advisors can learn more about Morningstar ByAllAccounts at Morningstar.com. Advisors can register for a Max Advisor Dashboard and learn more about Max at MaxForAdvisors.com.
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