New York, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Flourish, a platform that provides innovative access to financial products that help registered investment advisors (RIAs) secure their clients’ financial futures, today announced that Flourish Cash, its cash management offering, has raised its already elevated FDIC insurance coverage through its Program Banks. The increased FDIC insurance coverage will allow two-person households to be eligible to receive up to $16M in FDIC insurance through a joint account and two individual accounts. Additionally, Flourish announced that clients have received more than $100M in interest so far in 2023, a milestone underscoring the remarkable growth of the platform, with assets more than tripling over the past 12 months.
Flourish continues to expand its Program Bank network to further increase the FDIC coverage offered to clients. Through its bank relationships, Flourish Cash clients are now eligible to receive up to $4M for individual, business, and nonprofit accounts and up to $8M for joint accounts. Two-person households can open a joint account plus two individual accounts for up to $16M in coverage. This marks the company’s fourth raise in FDIC insurance coverage year-to-date, following an increase last month. The company also offers a top tier annual percentage yield (APY) interest rate of 5.00% on the first $500,000 for an individual or business account and first $1,000,000 for a joint account.
“Cash should be every RIAs secret weapon to serve HNW clients,” said Max Lane, CEO of Flourish. “This year alone, Flourish has added 11 additional banks to our Program Bank network to further increase the FDIC coverage we are able to offer to our clients. Coupled with one of the highest interest rates in the market, Flourish Cash is a powerful tool for advisors."
Over 650 RIAs managing over $1.5 trillion in combined assets trust Flourish to bring more assets into their orbit. The Flourish platform allows advisors to feature their firm’s branding, obtain visibility into balances, statements, and tax documents—as well as access client-friendly materials, robust and customizable compliance resources, white-glove support, and more. RIAs can also incorporate their clients’ cash holdings into their core technology systems through integrations with major billing, reporting, and CRM providers.
About Flourish
Flourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform supports more than $3.4 billion in assets under custody and is used by more than 650 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com.
Forward Looking Statements
This press release may contain forward looking statements that are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied.
A Flourish Cash account is a brokerage account offered by Flourish Financial LLC. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA's BrokerCheck.The cash balance in a Flourish Cash account will be swept from the brokerage account to deposit account(s) at one or more third-party banks that have agreed to accept deposits from customers of Flourish Financial LLC (Program Banks). The accounts at Program Banks will pay a variable rate of interest. Flourish Cash currently has a tiered interest rate structure, as set forth in the rate tier summary. Each annual percentage yield (APY) displayed here is effective as of 09/07/2023 and may change at any time. The Flourish Cash interest rate(s) could be lower than the rate that could be earned by opening a deposit account directly with a Program Bank. The cash balance in a Flourish Cash account that is swept to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including FDIC aggregate insurance coverage limits. FDIC insurance will not be provided until the funds arrive at the Program Bank. Flourish Cash’s current Program Banks can be found here. For additional information regarding FDIC coverage, visit https://fdic.gov/ and https://www.flourish.com/advisors.This feedback may not be representative of the experience of other customers, and is not a guarantee of future performance or success.
