Client Cash: Mapping an Unexplored Opportunity


March 21, 2024

Estimated reading time: 2 minutes

 

We partnered with Wealth Management IQ, a leader in research services for wealth and asset management communities, to survey advisor perceptions around their clients’ held-away cash and attitudes around cash management needs. The survey's key findings include:

  • Clients’ cash holdings are vastly underestimated: Surveyed advisors believe their average client holds 7% of their net worth in cash, while high net worth individuals self-reported actually holding more than 30% of their net worth in cash.
  • Advisors often ignore the cash conversation despite knowing its importance: There is significant gap between awareness and action in the advisory field, with 95% of advisors acknowledging the importance of addressing clients' cash needs as a professional responsibility, but only 5% of advisors consistently inquiring about their clients' cash holdings.  

  • Clients want high yield on their cash: 92% of advisors report that their clients have expressed interest in high-yield accounts.
     
  • Cash management solutions can help advisors be more competitive: 71% of advisors believe that offering an in-house cash management solution to their clients would make them more competitive with other advisory firms, as well as more competitive with wirehouses (68%) and robo advisors (62%).


Read the full report to learn 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 is used by more than 950 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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