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Wells Fargo Says SEC Probing Cash Sweep Accounts  

Wells Fargo has revealed in a regulatory filing that it is the subject of an “advisory account cash sweep investigation” by the Securities and Exchange Commission. So reports InvestmentNews.

wells fargoWells said in the filing that the SEC “has undertaken an investigation regarding the cash sweep options that the company provides to investment advisory clients at account opening.”

Securities lawyers told the publication that registered investment advisors must be careful about cash sweep accounts, especially after the recent rise in interest rates.

Read the full article from InvestmentNews.

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