I used to work with a lot of these custodians. They typically make ~40+% of their revenue from cash products. They'll keep you in some fund paying 1 bps and tu

I used to work with a lot of these custodians. They typically make ~40+% of their revenue from cash products. They'll keep you in some fund paying 1 bps and turn around and invest it elsewhere. Yes, you want some cash (esp. to the extent it's part of your asset allocation), but no you don't want to use the awful sweep vehicles they default you to.