Flourish

Fireside reading for financial advisors 2023


December 28, 2023

Estimated reading time: 2 minutes

 


We hope that the end of the year finds you sitting by the fire – or pool – with time to relax and reflect on the past year. To prompt your reflections and help fuel your inspiration for 2024, we’ve gathered a list of recommended reading from the Flourish library. 

Inside look: Flourish Cash case studies

We pull back the curtain on how four firms are putting Flourish Cash† to work. From Buckingham, one of the largest RIAs in the country, to RoseRock, a $160M AUM wealth manager in Dallas, learn how other firms are integrating a cash solution into their operations, expanding client potential, and adding more value to their clients’ financial lives.

The Cash Opportunity: Why cash matters and how to get started

Dive into our series of articles that explores why clients’ held-away cash – the reserve cash sitting outside the portfolio – matters. The series describes how gaining visibility into cash can help advisors expand client trust, enhance the relationship, and help advisors build their business. 

Security first: Bank due diligence + FDIC increases

The safety and security of our clients’ cash is our top priority. Bank failures in the spring were an opportune moment for us to share more information about our due diligence process, how we select bank partners, and significant steps we take to further ensure the safety of our clients’ funds, including more than doubling the amount of FDIC insurance coverage through our Program Banks.Ω

Down to business: New opportunities for advisors through business accounts

In the fall, we took a closer look at the banking needs of clients that run a business or manage a nonprofit, exploring how advisors can better serve this demographic and the new opportunities that helping them with their reserve cash can create. A case study explores business accounts in action at the California-based firm Thomas Doll.

Words from the wise: Speaker Series + Advisor Spotlight

We had the opportunity to connect with industry leaders who shared their experiences and insights through the Speakers Series. Personal finance expert, bestselling author, and podcast host Farnoosh Torabi discussed the connection between fear and finances, and how wealth managers can connect with a new generation of clients. Jill Schlesinger, an award-winning Business Analyst for CBS News and host of the Jill on Money podcast, joined us to share about her career path, the experience of introducing a flat fee in her RIA, and the role of cash in the portfolio. Earlier this month, we launched a new series, Advisor Spotlight, focused on hearing about the journeys and experience of financial advisors that partner with Flourish. We kicked off the series with Kaitlyn Carlson, Founder and CEO of Theory Planning Partners.± 

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 700 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. 

† 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.

Ω 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 16 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 $4,000,000 of FDIC insurance and personal customers are eligible for (i) up to $4,000,000 of FDIC insurance for an individual account or revocable living trust account and (ii) up to $8,000,000 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/. 

± This feedback may not be representative of the experience of other customers, and is not a guarantee of future performance or success.