An investment advisory began working with clients that had qualified settlement funds (QSFs) that would not be released for between 1 and 3 years. The advisory has a responsibility to invest the settlement funds securely and set up an account in the client’s name. The advisor found it could get 5–15 basis points in higher yield for its clients with IntraFiSM Network DepositsSM (DDA, MMDA, and CD options) than with Fidelity Money Market funds.
The firm went to its local bank when it started handling the settlement accounts, and the banker provided the IntraFi Network Deposits solution.
The firm does not have its own operational funds sufficient to warrant using IntraFi Network Deposits (DDA/MMDA offering) and uses Fidelity or Schwab for its clients’ investments. The firm has carved out IntraFi Network Deposits solutions for the QSFs.