MaxMyInterest and Envestnet rolled out an update of their Envestnet | MoneyGuide integration.
This is meant to provide advisors using the MaxForAdvisors Dashboard and the MoneyGuide financial planning application with more insight when it comes to assisting high-net-worth clients in attaining higher yields on their cash.
MaxMyInterest, which clients themselves sign up for, is designed to reallocate cash among high-interest online banks and automatically directs the funds from one online account to the next, based on which is paying the highest interest rate.
Clients pay a fee of 0.02% per quarter on optimized cash (or $20 per $100,000 held in their savings accounts, which is subject to a minimum of $12 every three months).
The expanded MoneyGuide integration provides both advisors and client service teams increased visibility of clients’ held-away cash balances, which appear seamlessly in the Envestnet | Tamarac platform (used by RIA firms) and Envestnet, which remains a popular platform used by independent broker/dealers and hybrid firms. There is no charge to advisors for using the MaxForAdvisors service.
Clients can link their existing checking, savings and brokerage accounts at thousands of financial institutions to a new MaxMyInterest checking account, or they can link the Max service directly to their existing checking account at 18 major U.S. banks and brokerage firms.
Once that is done, the Max service then constantly monitors FDIC-insured online banks, including Barclays, Ally Bank, American Express, UFB Direct, LendingClub Bank, Webster Bank, Quontic Bank and Customers Bank for higher yields and moves client cash on a monthly basis.
More than 1,200 wealth management firms are now using MaxMyInterest/MaxForAdvisors.