Broker Check

Lincoln Transformation 2024 Cash Sweep Consent

April 16, 2024

As we previously shared, Lincoln is partnering with Pershing and migrating to a single platform later this year. Our team is looking forward to the changes ahead – with improvements to technology, expanded investment options, and better portfolio tracking that Pershing offers. In short, we think this is a good thing!

One of the enhancements for current Lincoln “Solutions” accounts is the addition of a Cash Sweep account. 

What is a Cash Sweep account?

A sweep account is a cash account used in investment portfolios. It is an efficient vehicle to sweep money into an investment portfolio or out to a bank account. In other words, a sweep account is like a checking account for your investment portfolio. Everything flows in and out of a checking account. 

  • If we sell an investment, the cash goes to the sweep account.
  • If we buy an investment, the cash comes from the sweep account.
  • When we pay monthly income, it comes from a sweep account.

Action Required - Cash Sweep Consent:

If your investment portfolios are within the Lincoln Solutions platform, you received an email last Friday on Cash Sweep Consent.  

The action required is to elect or decline the new Cash Sweep account available in October. You can select your option on the Lincoln Investor website by clicking HERE and logging in to your investor profile.

Our recommendation is to select “Elect Sweep Products.”  

Most large financial institutions utilize cash sweep accounts as a simple operational necessity. In fact, our existing Pershing accounts already have them!

Our team can help discuss options and walk you through the consent process online. Please let us know if you have questions or would like to schedule a time to discuss.  

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