SAVE Launches Market Savings Product for Client Cash Management
What happened
The fintech firm SAVE announced Market Savings, a service that allows over 16,000 RIAs using Charles Schwab to manage client cash holdings. The service moves uninvested cash to various banks to generate interest, and then invests those yields in vehicles linked to ETFs tracking indices like the S&P 500 and Nasdaq. Over the past three years, Market Savings has averaged an annual return of 7.5%.
From americanbanker.com
Why it matters
The product is designed to balance the liquidity of holding wealth in cash with the returns of higher-yielding investments. This offering uses AI to modernize wealth management by providing a cash management option for RIAs.
AI is redefining the wealth management industry.
From americanbanker.com
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Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
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