NEW YORK, June 30, 2020 /PRNewswire/ -- StoneCastle Cash Management, LLC ("StoneCastle"), today announced a partnership with Integrated Advisors Network ("Integrated"), a leading partnership of independent, fiduciary wealth management firms, to make available its FICA® For Advisors insured cash solution to all Integrated RIA/wealth management firms. Each of the Integrated firms now has access to high levels of deposit insurance coverage for all of their clients through a cash solution once only available to institutional investors.
"We are pleased to partner with StoneCastle to offer a truly differentiated insured cash solution to our firms and importantly, their clients," said Michael Young, President of Integrated.
"We found an all-weather cash solution that checks all the boxes of very high levels of deposit insurance, competitive rate, and liquidity for end clients, while arming our firms with a proven tool that helps them effectively attract new assets and accounts, particularly in an environment where household cash balances are at record high levels.
And knowing that all deposits in the program get allocated to more than 800 banks across the country, clients can feel good that their cash is directly funding the growth of local communities at a time when it is needed most."
FICA For Advisors, through StoneCastle's Advisor.Cash platform, utilizes a network of more than 800 banks into which client cash is allocated to provide safety with up to $25 million in deposit insurance protection per tax ID. For over a decade, StoneCastle has been providing a liquid, federally insured vehicle to large institutional clients, e.g. Fortune 500 firms, universities, endowments, and non-profits, for their operating cash needs. Today, FICA For Advisors integrates with all major portfolio/data aggregators, has a seamless user/onboarding experience, and helps RIAs control more and have insight into all household assets that makes for more informed decisions in helping clients reach their goals.
"It is a privilege to work with Integrated and help bring immediate value to their wealth managers, clients, and stakeholders," said Kyle McAndrew, Director, and head of StoneCastle's financial intermediary business line. "We look forward to helping Integrated partner firms optimize current cash allocations while striving to capturing new held-away cash."
"Our firms have done an amazing job in helping their clients navigate in an unprecedented environment. The last thing they need is to have any concern about the safety and security of their cash. Utilizing the StoneCastle solution solves this," concluded Young.
About Integrated Advisors Network
Integrated Advisors Network is a SEC-Registered Investment Adviser offering a "supported independence" business model to advisors who want to run their own business without bearing all of the cost and responsibilities associated with doing so. Through our strategic business alliances, we provide an integrated back office technology and services platform that allows advisors to establish their personally branded investment adviser practice, while leveraging the benefits of shared cost. We have created a unique and flexible environment that supports advisors during and after their transition to independence and enables them to better service their clients. Find out more about how Integrated Advisors Network can help define your future.
About StoneCastle Cash Management, LLC
StoneCastle Cash Management, LLC ("StoneCastle") is a leading provider of deposit and liquidity solutions for some of the world's most recognized brands, including Fortune 500 companies, colleges and universities, endowments and foundations, public funds, family offices, and financial intermediaries. It currently administers more than $24 billion in deposit programs and is backed by world class partners in Charlesbank Capital Partners and Canadian Imperial Bank of Commerce (CIBC).
SOURCE StoneCastle Cash Management, LLC