The CMA Promise

Published Thursday, November 01, 2007

Exactly 30 years ago, Merrill Lynch launched the first CMA (Cash Management Account). The revolutionary new product combined an investment account, a transaction account (that pays interest on balances through automatic sweep), a debit card, and a credit line secured by the securities in the investment account. It was a major success, and was soon copied by almost every securities firm. The CMA promise was one-stop shopping convenience for clients, enhanced broker productivity, enhanced broker and client loyalty to the firm, and enhanced cross-selling and share-of-wallet. But different firms developed different offerings, and different ways in which to ...

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