Morningstar ByAllAccounts, the research shop’s data aggregation service, has integrated with MaxMyInterest, a cash management tool, in an effort to help advisors get better yields on client cash.
MaxMyInterest is designed to reallocate cash among high-interest online banks. The company claims it can deliver yields 80 to 100 basis points higher than a traditional bank or brokerage firm and five times the yield of a typical money market fund. Max’s current cash return yield is 1.05% and is FDIC-insured.
"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," said Michael Halloran, head of partnerships and business development at Max.
Initially, the integration will allow advisors to view client balance information in 40 different platforms used by them.
“The integration with Morningstar's ByAllAccounts will help advisors engage further with their clients and provide more holistic advice," said David Johnson, head of Morningstar ByAllAccounts. "
MaxMyInterest and Orion Advisor Tech announced an integration for the Orion platform in February.