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Flourish wins 2023 Wealth Management Award


September 15, 2023

Estimated reading time: 2 minutes

 


Flourish is honored to have received the award for Best Cash Optimization Solution for Flourish Cash1 at the WealthManagement.com 2023 Awards on September 7, 2023.

Flourish provides innovative access to financial products that help registered investment advisors (RIAs) secure their clients’ financial futures. Flourish Cash is a cash management solution built explicitly for RIAs that offers clients competitive interest rates and elevated FDIC insurance through its Program Banks.2 

There has been a surge in demand for Flourish Cash this year. Over 150 new RIA firms have embraced the platform since January, bringing the total number of firms on the platform to more than 600 RIAs, resulting in a doubling of assets under custody. During this time, Flourish Cash clients have collectively earned over $54 million in interest and eight rate increases have brought the current rate of up to 5.00% APY3 in the top tier to more than 11x the national savings account average.4

“While most people think of cash as a source of protection with limited to no growth, this year, astute advisors have helped clients earn meaningful returns on their held away cash. We are thrilled to be recognized by WealthManagement.com as the best cash optimization solution,” said Max Lane, CEO of Flourish. “Every investor should have their savings insured and work for them. Growth-minded advisors have the opportunity to add value to clients and prospects, while uncovering assets they had no visibility into and one of the best ways to do that is through our industry-leading cash optimization platform for RIAs.”

Flourish has earned numerous industry accolades. Flourish Cash is recognized as a Leading Fintech Platform finalist for this year’s ThinkAdvisor Luminaries Awards. Both Flourish Cash and Flourish Crypto are recognized as RIA favorites in Bob Veres’ 2023 T3/Inside Information Advisor Software Survey. Additionally, last year, Wealth Management selected Flourish Crypto, a turnkey cryptocurrency investing solution built for RIAs and their clients, as the Best Cryptocurrency Provider as well as a finalist for the Most Innovative New Applications category.

WealthManagement.com Industry Awards (fka: “The Wealthies”) honors individuals, organizations, and companies providing significant support to financial advisors. Specific to technology providers, the award program highlights initiatives designed to help financial advisors build better practices and more effectively serve their clients. This year’s program attracted more than 1,000 entries across 415 companies and was emphasized as the most selective year for the program. Finalists and winners are assessed and determined by a panel of independent judges.

Over 600 RIAs managing more than $1.5 trillion in combined assets rely on Flourish to bring more assets into their orbit. The Flourish platform allows advisors to feature their firm’s branding and gain 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.

 

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 is used by more than 550 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is wholly-owned by MassMutual. For more information, visit www.flourish.com.

 

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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 Crypto is offered by Paxos Trust Company, LLC, a New York limited purpose trust company regulated by the New York Department of Financial Services that provides custody and execution services for the Flourish Crypto accounts, and Flourish Digital Assets LLC, registered in New York as a commodity broker-dealer and provides website and other services and support for Flourish Crypto accounts. Flourish Financial LLC and Flourish Digital Assets LLC are affiliates, but are not affiliates of Paxos. Please review the Legal  section of our website, and the disclosures provided with each Flourish service or product, for further information. If you were introduced or invited to Flourish by an investment advisor or other third party, please be aware that, unless otherwise disclosed to you, they are not affiliated with any Flourish entity. The role of the investment advisor or other firm that invited you to Flourish may vary between different Flourish services and products, as further described in your terms of service. © 2023 Flourish. All rights reserved.

1 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.

2 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 aggregate insurance coverage limits. FDIC insurance will not be provided until funds arrive at the Program Bank. There are currently at least ten Program Banks available to accept deposits for business Flourish Cash accounts and personal Flourish Cash accounts, and we are not obligated to allocate customer funds across more than this number of Program Banks if there is a greater number of banks in the program. Customers are generally eligible for FDIC insurance coverage of $250,000 per customer, per Program Bank, for each account ownership category. Thus, business customers are eligible for up to $2,500,000 of FDIC insurance and personal customers are eligible for (i) up to $2,500,000 of FDIC insurance for an individual account or revocable living trust account and (ii) up to $5,000,000 of FDIC insurance for a joint account with two owners or joint revocable living trust(s). The total FDIC coverage for a two-person household is calculated assuming that each household member has an individual account and that both household members share a joint account. If the number of Program Banks decreases for a customer (for instance, because a customer chooses to exclude Program Banks from receiving their deposits), the amount of FDIC insurance through Flourish Cash could be lower. Typically, all of a customer’s deposits at a Program Bank in the same ownership category (including deposits held outside Flourish Cash or held through multiple Flourish Cash accounts with the same ownership category) count toward the FDIC insurance limit for deposits at that Program Bank. Customers are responsible for monitoring whether they maintain deposits at a Program Bank outside of Flourish Cash and should consider choosing to exclude that Program Bank from receiving their deposits to avoid exceeding FDIC insurance limits. Although Flourish Cash is offered through a brokerage account and cash held in brokerage accounts often has the benefit of SIPC protection, until such time as we offer securities products, customers likely will not have the benefit of SIPC protection. SIPC protection is not available for cash held at the Program Banks. Our current Program Banks can be found here. For additional information regarding FDIC coverage, visit https://fdic.gov/.

3 Flourish Cash currently has a tiered interest rate structure, as set forth in the rate tier summary. We deposit your cash with one or more of the Program Banks, subject to any Program Bank(s) you have excluded. You will earn the highest rate offered by Flourish up to the maximum deposit amount for each tier. 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.

4 Federal Deposit Insurance Corporation, National Deposit Rates: Savings [SNDR], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SNDR, 08/21/2023.