Solutions to Provide Customized Insured Cash Deposit Program for Financial Advisors

When AssetMark debuts its Insured Cash Deposit program in late September, it will be at the forefront in making this type of program available to financial advisors.

“We are committed to investing in technology solutions that help our advisors and their clients achieve their goals, and our engagement with Total Bank Solutions is a continuation of that strategy,” said Natalie Wolfsen, Chief Commercialization Officer at AssetMark. “By building on each business’ strengths, AssetMark and TBS are poised to deliver a new insured cash sweep platform that provides insured deposit solutions to investors while also responding to changes in the regulatory landscape.”

Over time, Insured Cash Deposit Programs have become the primary sweep vehicle for many providers. With the impending regulatory reforms on the horizon, a broader range of intermediaries such as clearing firms, trust companies and banks are also turning to Insured Cash Deposit Programs. On October 14, 2016, the final amended rules governing money market mutual funds enacted by the Securities and Exchange Commission (SEC) will go into effect. The new rules will change fundamentally the way money market mutual funds operate. As a result, many financial intermediaries who maintain significant balances in money market mutual funds are re-evaluating their cash sweep options to determine the most suitable offerings for their clients.

“We are very excited to be able to partner with AssetMark to offer a compelling alternative for investors who require principal protection with FDIC insurance, ready access to their most liquid investments and operational convenience for their cash. We believe the combination of our proprietary technology platform, robust surveillance tools and large bank network with AssetMark’s client-centric focus on wealth management will provide AssetMark’s advisors and their clients with the industry standard for Insured Cash Deposit Programs,” said Kevin Bannerton, Managing Director – TBS.