Flourish

Flourish Crypto Launches Integration with
Envestnet | Tamarac

 

Helping RIAs Meet Growing Client Demand for Access to Crypto

October 6, 2022

 

NEW YORK — October 6, 2022 — Flourish, a platform which provides innovative access to financial products that help RIAs secure their clients’ financial futures, today announced that Flourish Crypto,1 a turnkey cryptocurrency investing solution built for registered investment advisors (RIAs) and their clients, has launched its integration with Envestnet | Tamarac. Flourish Crypto and Envestnet | Tamarac have built a direct, custodial integration, allowing RIAs to incorporate Flourish Crypto data into their reporting much like any other asset—from performance to billing—in a simple and secure way. 

Advisors leverage Envestnet | Tamarac to manage client portfolios, support reporting and planning, implement billing, and more. Including cryptocurrency data within existing reporting systems is critical for RIA adoption of this emergent asset class. Flourish Crypto’s integration with Tamarac, which is live and in use today, enables RIAs to meet a growing demand from clients while ensuring that firms can manage crypto within their existing workflows and processes.

"Supporting cryptocurrency investing is an imperative for RIAs. A recent survey of high-net-worth individuals found that 91% of HNWIs younger than 40 have investments in digital assets; the next generation of investors are paying attention to digital currencies and advisors need to be thoughtful about the space in order to retain current clients and win new prospects," said Ben Cruikshank, President of Flourish. 

Mr. Cruikshank continues: "At the same time, ensuring that client data flows into existing reporting systems is an operational necessity for many of the RIAs we work with. Building off the integration we have had in place for years, we are pleased to continue to work with our partners at Envestnet | Tamarac to provide innovative solutions to advisors, helping them compete while ensuring all of our products are a seamless part of the RIA tech stack."

Mutual clients of Flourish Crypto and Envestnet | Tamarac stressed the importance of the integration.

“Wealthspire is always focused on evolving to meet the needs of both our advisors and our clients," said Michael Moriarty, Chief Investment Officer of Wealthspire Advisors. "Increasingly we’ve seen a demand for crypto, and searched for options that aligned with our investment strategy and integrated with our core reporting system. We were pleased to work with Flourish Crypto and Envestnet | Tamarac to bring this integrated solution to our clients, and built to work for advisors."

Flourish Crypto data flows into Envestnet | Tamarac through a direct custodial integration, allowing RIAs to incorporate cryptocurrency investing into their practice much like any other asset. This includes being able to view Flourish Crypto data in their data feed and client portfolios; performance reporting on crypto, billing and regulatory AUM calculations, and financial planning.  

"This integration helps RIAs meet a growing demand from clients to stay competitive in today’s evolving marketplace," said Dani Fava, Group President, Product Innovation at Envestnet. "RIAs now have access to a solution to bring crypto to their existing clients, and add value to their current and next-gen clients."

More than 75 firms with a combined AUM of over $150 billion already trust Flourish Crypto and benefit from its simple and secure turnkey solution. Through Flourish Crypto, advisors can feature their branding, take discretion or offer as client-directed accounts, and obtain visibility into balances, statements, and 1099-Bs—as well as access client-friendly materials, robust and customizable compliance resources, white-glove support, and more. 

Flourish Crypto is built on the Flourish Platform, which is already in use today by over 440 RIAs managing over $1.4 trillion in combined assets and is offered through Flourish Digital Assets and Paxos Trust Company, a NYDFS trust company and qualified custodian. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual).

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 440 wealth management firms representing more than $1.4 trillion in assets under management. Flourish is wholly-owned by MassMutual. For more information, visit www.flourish.com.

Flourish and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.

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.

 

Media Contacts: 

Marissa Arnold for Flourish

m@marissaarnoldpr.com 

Dana Taormina for Envestnet

envestnetpr@jconnelly.com 

Interested in learning more about Flourish Crypto?

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Flourish is an online platform through which investors can access financial services and products. The services and products offered through Flourish 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 (Paxos), a New York limited purpose trust company regulated by the New York Department of Financial Services that provides cryptocurrency custody and execution services for the Flourish Crypto accounts, and Flourish Digital Assets LLC (Flourish Digital Assets), which is registered in New York as a commodity broker-dealer and provides website and other technology 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 regarding each service and product. If you were introduced or invited to Flourish by a third-party investment adviser or other third party, whose name or logo may be shown above, please be aware that, unless otherwise disclosed to you, they are not affiliated with any Flourish entity. The role of the investment adviser or other firm that invited you to Flourish may vary between different Flourish services and products, as further described in the terms for each service or product. © 2021 Flourish. All rights reserved.

1 Flourish Crypto is a cryptocurrency investment account through which investors can trade cryptocurrencies and maintain custody of cryptocurrencies and U.S. dollars. Custody of Flourish Crypto accounts, including all assets in the accounts, and cryptocurrency trading services are provided by Paxos Trust Company, LLC (Paxos) in accordance with the Paxos Terms. Paxos is a New York limited purpose trust company regulated by the New York Department of Financial Services. Website and other technology services and support for Flourish Crypto accounts are provided by Flourish Digital Assets LLC (Flourish Digital Assets) in accordance with the Flourish Crypto Terms. Flourish Digital Assets is registered in New York as a commodity broker-dealer. Cryptocurrencies held in Flourish Crypto accounts are not currently eligible for in-kind transfer to other custodians or cryptocurrency wallets. If a Flourish Crypto account is closed, the customer's cryptocurrency positions will be liquidated and the customer will receive the U.S. dollar proceeds. Investing in cryptocurrencies involves a high degree of risk, as further described in the risk disclosures section of the Paxos Terms and the Flourish Crypto Terms. Flourish Crypto accounts are separate from Flourish Cash accounts and assets in Flourish Crypto accounts are not eligible for protection by the Securities Investor Protection Corporation (SIPC).