Investment advisers are urging clients to dump hefty cash allocations now that the Federal Reserve has begun its much-anticipated interest-rate easing, a process they expect to limit the appeal of money-market funds in the coming months.

The Federal Reserve cut interest rates by half a percentage point, signaling a shift in monetary policy and boosting confidence in the economy. Read what investors need to know.

Over the past few years, elevated mortgage rates and sky-high housing prices have contributed to a lack of home affordability.