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Financial Planning Podcast: Getting closer to clients through cash and crypto

 

January 4, 2023

The Financial Planning podcast welcomes Flourish President Ben Cruikshank

Listening time: 28 minutes

 

Flourish President Ben Cruikshank joined Financial Planning magazine wealthtech reporter Justin Mack to discuss how making plans for cash and crypto can bring advisors closer to their clients. Listen to their conversation over on the Financial Planning podcast.

 

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.  © 2022 Flourish.  All rights reserved.

A Flourish Cash account is a brokerage account offered by Flourish Financial LLC. Flourish Financial LLC is not a bank. 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 banks that have agreed to accept deposits from customers of Flourish Financial LLC (Program Banks). The accounts at Program Banks will pay a variable rate of interest. If you were introduced or invited to Flourish Cash 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 Flourish Financial LLC and will not provide any advisory or brokerage services for your Flourish Cash account or have the authority to provide instructions on your account. 

Flourish Cash currently has a tiered interest rate structure, as set forth in the rate tier summary. We deposit your cash first with one or more of the Program Banks in the tier with the highest interest rate, up to the maximum amount of deposits for that tier, and then continue depositing cash at Program Bank(s) in each successive tier until all cash has been deposited, subject to any Program Bank opt out elections you have made. The annual percentage yield (APY) discussed in this podcast was effective during Q4, 2022, but may change at any time. The rates of interest paid by the Program Bank(s) to Flourish Cash customers may be lower than the rate that could be earned by you opening a deposit account directly with such bank(s).

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.  Investment options in Flourish Crypto accounts are currently limited to bitcoin.  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).

The Bitwise/ETF Trends 2022 Benchmark Survey of Financial Advisor Attitudes Toward Cryptoassets

Grayscale, Third Annual Bitcoin Investor Survey, 2021

Morning Consult, The State of Consumer Banking & Payments

CNBC Millionaire Study 2021

The Institutional Investor Digital Assets Study; Fidelity Digital Assets; 2021