New York, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Flourish, a platform that helps registered investment advisors (RIAs) execute on holistic financial plans to secure their clients’ financial futures, today announced it has surpassed $6 billion in assets under custody (AUC) and more than 900 RIAs on platform as well as increased FDIC coverage to up to $24M for a two-person household through their Program Banks. The firm has also seen growth in its Flourish Annuities platform as advisors replace outdated annuities.
The growth of Flourish Cash, its cash management offering built explicitly for RIAs, is unmatched with Flourish Cash clients collectively earning over $230 million in interest in the last year alone. The company continues to invest in making Flourish a seamless part of the RIA tech stack by both developing key integrations with platforms like eMoney, RightCapital, and Salesforce and Salesforce ecosystem solutions like Practifi, as well as critical usability and navigation upgrades. Integrations are fundamental to the success of Flourish Cash, which has earned a WealthTech Integration Score from the Ezra Group of 8.25, significantly above the median 4.35 score of ranked providers.
Additionally, nine additional banks have joined the Flourish Cash Program Banks, boosting the FDIC insurance coverage available. Now, two-person households can access up to $24M in FDIC insurance through a combination of one joint and two individual accounts. Specifically, Flourish Cash offers up to $6M for individual, business, and nonprofit accounts and up to $12M for joint accounts. This expanded coverage ensures clients can protect more of their assets securely. Additionally, Fintech Future’s BankingTech Awards recently named Flourish the Best WealthTech Digital Solution Provider for the company’s work with banks.
More businesses than ever are using Flourish Cash to manage cash holdings for their companies, with business assets under custody more than tripling in the past three years. Visibility into business assets unlocks a new angle that helps advisors expand client relationships, as many clients’ net worth is closely tied to their business holdings.
“For decades, advisors have been advising clients on every aspect of their financial life to create truly holistic financial plans. However, advisors have struggled to implement this advice in areas beyond the traditional portfolio, leaving key areas like banking and insurance untouched and outside of the advisor’s orbit. Through Flourish, advisors are able to move from holistic advice to holistic implementation–ultimately delivering more value to their clients and capturing a larger portion of their clients’ assets,” said Max Lane, Flourish CEO. “As we look ahead, we will continue to invest in the solutions that reliably and seamlessly help advisors better serve their clients and grow their practices.”
Recent enhancements to the Flourish platform include improvements to the client management process to make it even easier for advisors to know what’s happening with their clients and to sort, prioritize and follow up with referrals and invited clients. These updates give advisors better usability of the platform including a clearer view of clients' positions in the invite funnel and highlight key actions to ensure smoother, more efficient onboarding.
Flourish Annuities, the first end-to-end annuities solution built explicitly for RIAs and their clients, continues to generate strong demand. With dozens of RIAs onboarded and several new carrier partnerships established, it is contributing significantly to the company’s momentum. The solution now offers the ability to migrate select existing annuity plans onto the Flourish platform, giving advisors enhanced visibility and the flexibility in managing those plans. The platform has already earned industry recognition as an innovator by RIA Intel, as a finalist for the Most Innovative Technology of the Year and ThinkAdvisor as a finalist in Innovation in Retirement Income.
The company also earned the WealthManagement.com 2024 Industry Award for Best Cash Optimization Solution for the second year. In addition, both the company’s Chief Technology, Josh Owen, and Chief Marketing Officer, Abby Domine, were recognized as finalists by the same awards for their respective “executive of the year” categories.
Over 900 RIAs managing over $1.6 trillion in combined assets trust Flourish to help them fully execute financial plans and bring more assets into their orbit. As a platform that helps RIAs grow by evolving from holistic advice to holistic implementation, Flourish also allows advisors to feature their firm’s branding as well as providing client-friendly marketing materials, premium support, the ability to charge advisor services fees, and more.
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 $6 billion in assets under custody and is used by more than 900 wealth management firms representing more than $1.6 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.
This feedback may not be representative of the experience of other customers, and is not a guarantee of future performance or success.
Flourish is an online platform through which investors can access financial services and products. Flourish’s offerings are provided by different entities and are subject to different terms, investor protections, and risks. Flourish Cash is offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA's BrokerCheck. Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies LLC, where applicable, and to Flourish Insurance Agency LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency LLC does business in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more approved licensed life insurance companies. The Flourish entities mentioned above are affiliates. Flourish Cash and Flourish Annuities accounts are separate accounts and only assets in Flourish Cash accounts may be eligible for protection by the FDIC or SIPC. Please review the Legal section of our website, and the disclosures provided with each Flourish service or product, for further information. © 2024 Flourish. All rights reserved.
A Flourish Cash account is a brokerage account offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. 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 Program Banks that have agreed to accept deposits from customers of Flourish Financial LLC. The accounts at Program Banks will pay a variable rate of interest. 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.
The issuing insurance company, not any Flourish company, is solely responsible for its own financial and contractual obligations. All benefits and guarantees of the annuity contract are subject to the claims paying ability of the issuing insurance company. This is not a proposal or a solicitation to purchase insurance. Flourish Annuities is not available to New York residents.
