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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.

Client Cash WMIQ survey

  • 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.

Download report

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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Related posts:

Why advisors are blind to cash

Benefits of bringing cash into focus

How to start the cash conversation

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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 Annuities refers generally to the annuity platform operated by Flourish Technologies LLC and to Flourish Insurance Agency LLC, and, where applicable, Flourish Financial LLC. Flourish Insurance Agency operates in its capacity as a licensed insurance producer with offices in Jersey City, New Jersey, and does business in California under the name Flourish Digital Insurance Agency, providing insurance services related to such platform. Variable annuities, defined in this context to include Registered Index-Linked Annuities (“RILAs”), are offered through Flourish Financial LLC. Annuities shown on the platform are sold through Flourish Annuities, and are issued by one or more licensed 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. 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. © 2025 Flourish. All rights reserved.