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Wealthy individuals are moving their assets out of smaller banks following the collapse of Silicon Valley Bank (SVB), according to a report by CNBC’s Robert Frank.

The crisis has accelerated asset movements, with advisors saying that big investors are shifting their cash from checking and savings accounts into higher-yielding Treasury and money markets.

They are also moving away from banks and into custodial accounts such as Fidelity, Pershing, and Schwab.

Custodial accounts avoid bank risk and offer more flexibility for stock ownership and changing advisors.

Wealthy clients are pushing back on the widespread practice of requiring deposits or primary banking relationships in exchange for loans or mortgages.

Family offices are investing in alternative options.

Robert Frank said that lack of alternatives means that the wealthy are ping-ponging their money around.

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