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Press Release

Flourish Products Achieve All Star Rankings in Annual Advisor Industry T3 / Inside Information Software Survey

Flourish Cash and Flourish Crypto Recognized as Category Leaders by Financial Planning and Investment Advisory Community


February 08, 2024

Estimated reading time: 2 minutes

 

New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Flourish, a platform that provides innovative access to financial products that help registered investment advisors (RIAs) improve their clients’ financial outcomes, today announced that Flourish Cash, its cash management solution, and Flourish Crypto, its cryptocurrency investing offering, were recognized as “Software All Stars” in the 2024 T3 / Inside Information Software Survey.

Conducted by industry veterans Joel Bruckstein of Technology Tools for Today (T3) and Bob Veres of Inside Information, the survey combines insights from thousands of advisors and historical data to serve as a comprehensive guide for advisors seeking to optimize technology for client service and office efficiencies. Standout solutions, identified as Software All Stars, are highlighted if they achieve exceptional (at least 8.0) average user ratings and significant market penetration.

In the Automated Cash Management category, Flourish Cash secured a rare 9.02 rating, while Flourish Crypto earned 8.57 in the Cryptocurrency/Alts category. The survey also revealed that of the 130 surveyed advisory firms considering a cash management solution, Flourish Cash is their top choice. This is the fifth year in a row Flourish Cash has achieved the highest rating.

“We are thrilled to have our products highlighted as Software All Stars and, following a momentous year for Flourish Cash, we are incredibly pleased to see this solution in particular receive the highest category rating, highest market share, and highest growth–all by a significant margin. Flourish’s products are built explicitly for RIAs and it is a high bar to earn praise from financial advisors,” said Max Lane, CEO of Flourish.

Flourish has earned numerous industry accolades. Both Flourish Cash and Flourish Crypto were recognized as RIA favorites in last year’s Bob Veres’ 2023 T3/Inside Information Advisor Software Survey. Flourish Cash has been recognized by the WealthManagement.com Industry Awards for the Best Cash Optimization Solution and Outstanding Achievement in Cash Optimization as well as a Leading Fintech Platform finalist by the ThinkAdvisor Luminaries Awards. Flourish Crypto was recognized as the Best Cryptocurrency Provider in addition to a finalist for the Most Innovative New Applications category by WealthMangement.com’s award programs as well.

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. There has been a surge in demand for Flourish Cash with their client base increasing by 161% in 2023 alone. Last year, 9 rate increases brought current interest rates to more than 10x the national savings account average and, following 3 increases in FDIC insurance coverage, Flourish Cash offers up to $16 million in FDIC coverage for a two person household through its Program Banks (current rates can be found via https://www.flourish.com/rates). Flourish Cash clients collectively earned over $130 million in interest in 2023.

Over 700 RIAs managing over $1.5 trillion in combined assets trust Flourish to bring more assets into their orbit. The Flourish platform allows advisors to feature their firm’s branding, obtain 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 reporting and billing systems. Flourish also offers Flourish Annuities, an end-to-end annuities solution built specifically for RIAs and their clients

To read the full 2024 T3 / Inside Information Software Survey, visit: https://t3technologyhub.com/wp-content/uploads/2024/01/2024-T3_Inside-Information-Software-Survey.pdf.

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 supports more than $4.1 billion in assets under custody and is used by more than 700 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is a wholly-owned, independently operating subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com.

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.

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


Media Contact

Marissa Arnold

flourish@marissarnoldpr.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. Paxos is not an affiliate of Flourish. Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies, LLC, where applicable, and to Flourish Insurance Agency, LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency LLC does business in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency, LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more approved licensed life insurance companies. The Flourish entities mentioned above are affiliates. 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. © 2024 Flourish. All rights reserved.

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/.

Federal Deposit Insurance Corporation, National Deposit Rates: Savings [SNDR], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SNDR, 01/16/2024.