MaxMyInterest integrates Morningstar ByAllAccounts to deliver higher yield on client cash

By Pavithra R

MaxMyInterest, a FinTech service operated by Six Trees Capital providing innovative cash management solutions for financial advisors and their clients has announced an integration with Morningstar ByAllAccounts, a data aggregation service, to meet the needs of advisors seeking efficient ways to deliver a higher yield on client cash.

Morningstar ByAllAccounts is transforming financial data into insight through account aggregation. The solution being agnostic to formats aggregate raw data from over 15,000 sources. ByAllAccounts uses an artificial intelligence system to deliver client account data to portfolio management, reconciliation, compliance, trust accounting and performance systems saving time and operational costs. Client account aggregation gives firms holistic visibility into clients’ assets, help advisors plan comprehensively, and result in better investment outcomes. Independent financial advisors, wealth managers, family offices, and asset managers use Morningstar ByAllAccounts to structure financial data, improving client relationships and advisor productivity.

“We are excited to work with Morningstar on this integration to reach a wider group of financial advisors and enable them to better serve their clients. 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, with top rates that currently deliver more than five times the yield of a typical money market fund or 80 to 100 basis points more than a traditional bank or brokerage firm, all while remaining same-day liquid and FDIC-insured,” said Michael Halloran, Head of Partnerships and Business Development at Max.

Max lets financial advisors offer solution for client cash, delivering preferential rates of up to 1.05% APY on same-day liquid, FDIC-insured bank deposits, available exclusively through the Max platform. In turn, with client permission, advisors can gain visibility into held-away cash to offer more holistic financial advice while growing their business organically. The company are planning to initially integrate the ability to deliver client balance information into 40 platforms used by advisors for their client reporting.

Recently, RIA in a Box joined Morningstar, Redtail, & Riskalyze to support advisors during COVID-19

“Morningstar’s mission is to empower investor success, and we’re looking forward to facilitating the delivery of a fintech solution like MaxMyInterest that helps to solve the problem of zero-interest rates on cash or cash-like balances for investors. Additionally, 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.

Established since 2013, MaxMyInterest offers an online solution that helps individual investors and their financial advisors earn dramatically more on the cash portion of their portfolios while keeping that cash safe.