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Dynasty Financial Partners Teams Up with Cash Management Innovator MaxMyInterest

With short term interest rates perking up, opportunities for savers to make the most of their cash are all the more worth pursuing. This is one way to view the decision by Dynasty Financial Partners to add MaxMyInterest as a cash option for its network of 45+ wealth management companies.

“We are always seeking to find ways to give Dynasty’s network advisors the best and most innovative offerings in the market,” Dynasty Financial Partners Director of Investments Joseph Dursi explained. “High net worth clients typically hold a relatively large cash position and offering a new higher-rate option through Max gives our independent advisors a solution for cash that will really benefit their clients.”

A service of Six Trees Capital, MaxMyInterest provides intelligent cash management via an easy to use, automated platform. Once the customer’s checking or brokerage account is linked, Max goes to work finding the best interest rates available and automatically reallocating cash balances. Customers can track their balances, track optimization status, and access their cash directly as they would from any brick and mortar or online bank.

The solution can be linked to a customer’s primary checking account and used as a cash sweep to take advantage of the higher rates from online banks. MaxMyInterest can also be linked to a brokerage account and managed as a strategic cash reserve. Max members typically earn between 1.50% and 1.70% more on their cash balances than they would at traditional banks, picking up an average 1.78% on cash compared to the national average of 0.09%.

“Dynasty Financial Partners, as the leading platform for successful wealth management firms, seeking to operate with independence, was a perfect fit for offering Max,” Head of Business Development and Partnerships for Six Trees Capital Michael Halloran said. He noted that advisors are referring to the platform as “a fiduciary solution for cash” for the way it gives high net worth clients the ability to get higher returns on their cash while at the same time providing broader FDIC insurance coverage.

New York-based MaxMyInterest demonstrated its platform at FinovateFall 2014.  The company’s solution works with checking accounts at many of the leading banks and brokerage firms in the U.S., including Bank of America, JP Morgan Chase, Citibank, Charles Schwab, and TD Bank. MaxMyInterest is also compatible with online banks such as Ally Bank and Marcus by Goldman Sachs.