Yesterday's Wall Street Journal discussed Smith Barney's plans to introduce a new tiering system for its "bankerage", brokerage sweep program which should decrease the rates earned by investors with $1 million to $10 million. The Journal says, "Under the program, besides tiers at $10 million in assets and $1 million, other tiers are $500,000 to less than $1 million; $250,000 to under $500,000; $50,000 to less than $250,000; and those with less than $50,000 in assets. Under the old system, all clients with less than $250,000 in assets were bundled together in the lowest tier." For more information on rates and tiers offered by brokerages, see Crane Data's Brokerage Sweep Intelligence. E-mail Pete to request a copy.
