Since 2015, Fidelity has been defaulting client cash in retail brokerage accounts to their U.S. government money market fund. Today, they took the opportunity to compare that default cash yield to competitors'.
Details have emerged about the broker/dealer network’s retention packages, which include five-year lockups for advisors with over $600,000 in production—and nothing for sub-$250,000 producers.
Many advisors have trained their clients to expect the kind of market volatility seen Monday. And while most aren’t making any sudden movements, some are tweaking asset allocations.