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Title

Cash Sweep: A Cost of Doing Business Or a Fiduciary Breach?

Event Description

​Cash Sweep: 

A Cost of Doing Business Or a Fiduciary Breach? 

Cash Sweep 2.jpg

As interest rates creep lower, banks, custodians and money managers are finding creative ways to generate revenue. Though it’s not a new practice, many are forcing cash into sweep bank accounts and paying a lower rate of return than offered by comparable money markets. A recent study pointed out that the average RIA held about 10% in cash on their book at any given time. If that cash is earning significantly less than it could be earning in a money market fund, what are the implications for your practice? Are there other options? Are they worth the time, effort and expense to execute them? 

Learning Objectives:
  1. Discuss the background of the industry practice of sweep account skimming 
  2. Identify several approaches that different firms in the industry are taking to counteract this practice
  3. Talk about the long term implications of this practice and possible regulatory intervention scenarios
Who Should Attend? 
  • RIAs
  • PMs
  • COOs
  • CEOs
  • CCOs
Speaker
David Beckworth.jpg
David Beckworth 
Senior Research Fellow at Mercatus Center, George Mason University

David Beckworth is a Senior Research Fellow at the Mercatus Center at George Mason University and a former international economist at the US Department of the Treasury. He is the author of Boom and Bust Banking: The Causes and Cures of the Great Recession. His research focuses on monetary policy, and his work has been cited by the Wall Street Journal, the Financial Times, the New York Times, Bloomberg Businessweek, and The Economist. He has advised congressional staffers on monetary policy and has written for Barron’s, Investor’s Business Daily, the New Republic, the Atlantic, and National Review. David is the author of the Macro Musings blog and also hosts the weekly Macro Musings podcast.

Kevin Galvin.jpg
Principal; Director of Research; Advisor, Hopwood Financial Services

Kevin joined Hopwood Financial Services in 2015 and currently serves as both the Director of Research and as an Advisor. Kevin became a Principal at Hopwood Financial in 2019. Before joining Hopwood Financial, Kevin had served as a portfolio manager and in senior research analyst positions at a hedge fund, Plainview Capital and at a Registered Investment Advisor, West Capital Management. Kevin Galvin began his career as an investment banking analyst at Wachovia Securities in 2004. 

Moderator

Josh Olds.jpg
Joshua A. Olds, CFA
Partner, New Potomac Partners, LLC

Mr. Olds has over fifteen years of experience in the investment industry and over twenty years of experience in the financial services industry. He was previously a portfolio manager at Johnston Lemon Asset Management. Mr. Olds is a graduate of the University of Pennsylvania with a Bachelor of Arts in economics and a minor in mathematics. He is a Chartered Financial Analyst and a member of the CFA Society of Washington, D.C. Mr. Olds was born and raised in Portland, Oregon, but has resided in the Washington D.C. metro area since 2005.

Event Type

Educational

Education Topic

Portfolio Management; Risk Management; Standards, Ethics, and Regulations

Start Time

12/3/2019 4:00 PM

End Time

12/3/2019 6:00 PM

City

McLean

State/Province

VA

Event Country

United States

Event Region

Americas

Location Info

​Sullivan Bruyette Speros & Blayney
8444 Westpark Dr #610
McLean, VA 22102

Metro: Greensboro (Silver line)

Click here ​for map

Speaker

 

CE Credits

1.00

SER Credit

0.00

Currency

USD

Member Price

40.00

Non-Member Price

60.00

Candidate Price

60.00

Registration

**For CFAW Members 
Please login to register.
 
**For CFAW Student/Candidate/Guest Members
Please Register as Guest and select the Student/Candidate/Guest Member ticket. If you have any issues registering online, click here​ to email.
 ​
The online registration system should now work for most browsers. If you are having trouble with the online registration, please register here with a manual form: Cash Sweep Payment Form 12-3-19.pdf

Discounts/Refund Policy
Group Discount:

Organizations are eligible for a 10% discount when registering three or more people for an event. All registrations must be received at the same time. Email all discount registrations together to events@cfawashington.org​.

Cancellations, Substitution, and Refund Requests
  • Substitutions are welcome at any time
  • Cancelations must be made in writing and emailed to events@cfawashington.org​​ ​on or before 5 business days prior to the event
  • No refunds will be processed after 5 pm ET, 5 business days prior to the event
  • A $25 administrative fee will be applied to all cancellations
  • Refunds will not be issued for no shows ​​

All Day Event

 

Recurrence

 

Location

 

Cost

 

Description

 

Begin

12/3/2019 4:00 PM

Attachments

Content Type: MyCFA Calendar
Version: 1.0
Created at 10/16/2019 7:18 AM by serena.roche@gmail.com[CASMSTS:username]
Last modified at 10/31/2019 12:11 PM by serena.roche@gmail.com[CASMSTS:username]