Building on the launch of an integration with Envestnet | MoneyGuide announced in early 2021, Envestnet and MaxMyInterest (“Max”) have released an expansion, providing financial advisors with more options to help their high-net-worth clients earn higher yields on their cash.
High-net-worth (HNW) households in North America are “super savers,” with $4.8 trillion in cash, according to the 2020 Capgemini World Wealth Report.1 With 22.1 percent of their liquid net worth in cash, there is a significant opportunity for advisors to provide their clients with expanded FDIC-insurance and higher interest rates, including preferential rates available exclusively through Max.
Key benefits of the integration are as follows:
- Enables a set-it-and-forget-it cash solution for clients that monitors interest rates and helps clients allocate cash to their highest-yielding bank accounts, even as rates change.
- Enhances productivity of advisors and client service teams as clients’ held-away cash balances appear seamlessly.
- Provides greater visibility into client cash balances for advisors, enabling asset discovery and the provision of more holistic advice.
MaxMyInterest (“Max”), a service of Six Trees Capital LLC, offers cash management solutions for financial advisors and their clients, self-directed investors, and institutions to earn dramatically higher yields on cash. Max helps clients ensure their deposits earn the highest yield possible while remaining FDIC-insured. Today, Max members can earn up to 0.61 percent APY on same-day liquid, FDIC-insured cash, compared to the national savings average of 0.06 percent.
Learn more about Max’s solutions for financial advisors at MaxForAdvisors.com and clients at MaxMyInterest.com.
The information, analysis and opinions expressed herein are for informational purposes only and do not necessarily reflect the views of Envestnet. These views reflect the judgment of the author as of the date of writing and are subject to change at any time without notice. Nothing contained in this piece is intended to constitute legal, tax, accounting, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.
1. “World Wealth Report 2020,” Capgemini Research Institute, https://www.capgemini.com/nl-nl/wp-content/uploads/sites/7/2020/07/World-Wealth-Report-WWR-2020.pdf