For years, investors’ uninvested cash has been a lucrative revenue source for the wealth management industry. Companies have been paying customers paltry interest on that cash even as rates overall soared over the past two years, allowing firms to earn much higher yields than they paid out to their clients in many cases. Now, that’s beginning to change.
Morgan Stanley will raise rates on some customers’ uninvested cash in advisory accounts, a spokeswoman confirmed Wednesday. Effective Aug. 1, clients with $250,000 or more…
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