Flourish

Beyond the portfolio:

How RoseRock relies on technology solutions to efficiently serve clients

Last updated: September 19, 2024

Estimated reading time: 5 minutes

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Key takeaways
  • RoseRock Wealth Management is a boutique firm run by a team of two financial advisors with $160M in assets under management. They rely on technology solutions to maximize efficiency and streamline operations
  • Flourish Cash† has been easy to fold into RoseRock's existing processes and has allowed the firm to expand the value to clients with:
    • More than $15.5M in client cash on the platform
    • $559K+ in interest earned by clients in 2023||
    • Better planning and financial advice as a result of increased visibility of cash assets for clients' personal and business reserves±
  • Flourish Cash has supported the firm’s prospecting efforts, offering another touchpoint to ongoing conversations with potential clients
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Since the beginning, Flourish has aimed to simplify everything about its cash management solution: from the sign-up process and sending out client invitations to accessing performance information through direct custodial integrations with planning and reporting systems. The simplicity inherently built into the Flourish platform is essential for smaller firms who rely on highly-efficient tools that fit seamlessly into their processes and can be easily streamlined for daily use.

RoseRock Wealth Management, an RIA based in Dallas, Texas with $160M in assets under management, began using Flourish Cash in 2019 to expand the firm’s services to include cash management and create additional value for clients. A boutique, high-touch firm, its two advisors execute all firm operations themselves, without the support of a broader team. As a result, they lean heavily on their systems to maximize efficiency so they can keep their focus on serving clients. 

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In contrast to firms with advisors who serve hundreds of clients, RoseRock aims to keep things small. “Our client-to-advisor ratio is about 25 to one,” explained Ryan Huey, President of RoseRock. “We always want to grow, but at the same time, we want to keep the firm small with a high-level of service.”

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The typical RoseRock client is between 45 and 55 years old, has a young family, and has hit a stride in their career. “Our clients value the personal relationship and being asked questions about what's important to them, what money means to them, and what value they place on it,” said Franklin Matute, Wealth Manager at RoseRock. “It's not transactional. Clients have a relationship with us for 10, 20, or 30 years,” he continued. “We get to see the direct impact we have on people's lives.” 

From a practice management perspective, RoseRock leads with planning before moving to investments. With a low client-to-advisor ratio, one of the things that sets RoseRock apart as a firm, Huey and Matute can be high touch with clients. When speaking with prospects, RoseRock emphasizes the direct access clients have to their advisor. “Clients won’t be passed off to a junior advisor when they reach out. They’ll always talk to a CFP,” said Huey.

This direct access is central to the RoseRock ethos, but can be more time intensive. In order to maintain a high level of service, the firm relies on technology and digital solutions that support the advisors. “Our approach allows us to serve clients in a highly-involved way, augmented by cutting-edge technology,” said Huey.

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The fact that Huey and Matute run RoseRock without support from an assistant or planner has come as a surprise to many, but they believe it’s unnecessary. “We don't need it,” said Huey. “We see ourselves as a technology-forward firm. If we can leverage technology, or if we can outsource something, then we will. That's what allows us to be super efficient. It’s two of us serving about 50 clients with around $160M AUM.”

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When considering solutions, RoseRock looks for tools that have low to no friction and enable them to harness the potential of technology, including advisor essentials such as Wealthbox, Tamarac, and eMoney. “With a small firm, you can't just stop in the middle of the day because something's not working properly,” said Matute. RoseRock relies on tools that “just work” with minimal additional effort for both advisors and clients. 

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Before they learned about Flourish, cash management had not been a focus at RoseRock. “When Flourish was introduced to us, a light came on and we knew it was something that we should be doing for our clients,” said Huey. “Since then, we've incorporated holistic cash management into discussions with every single client. And Flourish is always a part of that conversation.”

RoseRock was an early adopter when Flourish launched the product in 2019. Flourish Cash allows RoseRock to capture additional assets that clients may have at other financial institutions and makes them more competitive with other firms. “We jumped on the opportunity to use it and our clients responded enthusiastically,” said Matute.

RoseRock puts cash on the agenda of every client meeting and has a built-in process to get new clients set up with Flourish. “We explain the benefits of Flourish Cash and assume they're going to use it – because why wouldn't you?” said Huey. “We have a workflow built around onboarding new clients to the platform where we set them up in the system and then reach out to let them know to expect a setup email. The clients take it from there.”

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The simplicity of Flourish strongly aligns with the firm’s needs. “It's very easy for clients to understand and we don't have to spend hours explaining how to use it,” said Huey. “It takes a couple minutes to sign up and clients just get it. Flourish is very intuitive and easy to use.” The results speak for themselves: nearly all of RoseRock’s clients use Flourish Cash, with over $15.5M on the platform – a remarkable figure given the firm’s $160M in assets under management.

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RoseRock has benefited from using Flourish in more ways than they initially expected.

More value to clients
The most tangible client benefit is the interest that clients earn every month. RoseRock clients who sign up with Flourish Cash have access to a cash account with a competitive rate of 4.50% APY§ as of 09/19/2024. With the average RoseRock client balance at more than $339,000 in December 2023, their average client earns over $1,270 in interest for the month with Flourish Cash – or approximately $15,000 annually.||

And these clients don’t have to worry about the typical checking or savings FDIC coverage cap of $250,000. With 20x the FDIC insurance coverage of an average checking or savings account through the Flourish Program Banks, RoseRock clients’ funds have coverage of up to $5M for individual and business accounts and up to $10M for joint accounts. Those clients that are part of a two-person household can have two individual accounts and one joint account through Flourish, giving them access to $20M in coverage.Ω

Matute described how the opportunity to extend further value has been a boon to the advisor-client relationship. “It has been great to be able to offer something that can provide a competitive yield that has been vetted by us – it carries a weight with clients in terms of value and trust,” he said.

Better planning and advice
More visibility leads to better, more informed financial planning and advice. “It’s about knowing and understanding,” said Matute. “I think having the whole relationship is key. It makes our client meetings a lot more efficient and has led to further conversations.” Through a direct Advisor Connection with eMoney, RoseRock is able to show clients a more complete picture of their net worth – with no effort required by clients.

Having a cash management solution has prompted RoseRock to dive into conversations with clients to understand their cash situation. Do they have the right amount of cash put aside? Do they have too much cash? Should the advisor be pulling some of that cash into investments? These questions fuel conversations that help deepen the advisor’s understanding of clients’ feelings and goals, serving the relationship in the long run.

Actionable insights
In July 2023, Flourish launched a new overview page on the Advisor Portal that provides advisors with actionable insights that help them better serve clients, including:

  • Notable Flourish Cash transfers
  • Quick links to pending invitations and outstanding referrals
  • Balance and interest summaries

“With the Advisor Portal, we have a good temperature on who we've invited and can stay on top of when money is leaving or coming into Flourish,” said Matute. In the current economic environment, many clients are holding more cash than usual. The Advisor Portal helps RoseRock stay up-to-date with their clients’ cash position and make plans for future moves. “Right now we have more on the platform than ever before. Receiving such a competitive rate and having balances FDIC insured up to $20M through Flourish Cash Program Banks, it's huge for our clients and it’s great for us,” said Huey. “When they’re at a point where they are comfortable pulling that money off the sidelines, we can easily pull it right into Schwab.”

Supporting business owners
The median age of a RoseRock client is 47, a demographic that includes many business owners. They tend to have fluctuating incomes and require a higher amount of liquid cash. “The more volatile your income, business owner or not, the more cash you should be keeping, from a peace of mind perspective,” said Huey. “We counsel clients about that and talk them through how much cash they should have. We recommend they use Flourish Cash for their savings. It sits on top of their traditional checking account, doesn't replace it, but they can easily connect the two.”

RoseRock shows clients how to use the Smart Balance feature to maximize the dollars earning interest in their Flourish Cash account while ensuring there's always a set amount in checking for bill payment. “Clients just fall in love with Flourish,” said Huey.

Prospecting
These benefits have been useful in conversations with prospective clients. “It’s another valuable tool to have when prospecting. We can offer it, saying, ‘Hey, why don't you try it out, see how it works?’ And that hopefully leads to further conversations,” said Matute.

Huey echoed this: “I recently told a prospective client and their CPA about it. We don't charge on it, we just make it available to our clients to use personally and for their businesses. They just lit up.” Prospective client access to a Flourish Cash account that features RoseRock branding has given the firm another powerful touchpoint in the process of acquiring new clients for the firm.

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As a long-time user of Flourish, RoseRock has witnessed the evolution of the Cash platform to include many features that make it even easier for advisors to use. This continued improvement that stems from advisor and client feedback is a reflection of Flourish’s commitment to a great user experience.

Based on feedback from advisors, Flourish recently launched an integration with WealthBox, the CRM used by RoseRock. The “click-to-invite” integration makes it easier than ever for advisors at smaller firms to quickly invite clients and prefill applications on their behalf. “Flourish has made great technology improvements, such as integrating planning software and now the CRM we use. The communication and the support has been great,” described Matute.

Another enhancement to the Flourish platform that has improved the advisor experience is the easy transfer of money into and out of the portfolio. “We connect most of our clients’ Flourish accounts to Schwab through MoneyLink to make it easy to move money back and forth,” said Huey. “We love that capability, which wasn’t there when we started using Flourish. The ability to move money directly from a Flourish account to Schwab is a game changer for us.”

With frequent updates and enhancements, RoseRock has been able to rely on Flourish to meet their needs and support the firm’s ability to efficiently serve clients. “One of the greatest things about Flourish is how receptive the team has been to our ideas and suggestions. Really from day one, we felt as though it was very collaborative and we felt like we were part of something being built,” said Huey. 

 

About Flourish
Flourish builds technology that empowers financial 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 800 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com.

About RoseRock Wealth Management
RoseRock was started in 2017 to serve a select number of clients with high-touch service complimented by cutting edge technology. They are truly passionate about serving and consumed with delivering a superior client experience. Their mission is to help clients build wiser wealth and live more fulfilling lives. They are an informed, objective voice helping clients make sound financial decisions. Clients should have the confidence and peace of mind to pursue their passions and leave the day-to-day worrying to them. Learn more at www.roserockwealth.com.



RoseRock Wealth Management and Flourish are separate and unaffiliated firms. The interviews have been edited for length and clarity. This feedback may not be representative of the experience of other customers, and is not a guarantee of future performance or success.

This article is provided for informational purposes only and should not be construed as personalized investment advice. It should not be construed as a solicitation to offer personal securities transactions or provide personalized investment advice. The information provided does not constitute any legal, tax, or accounting advice. We recommend that you seek the advice of a qualified attorney and accountant.

First published December 13, 2023. Last updated September 19, 2024.

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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. Flourish Cash, Flourish Crypto, 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. © 2024 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.

|| Source: Flourish data, as of 12/07/2023.

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

§ Flourish Cash has a tiered interest rate structure and currently has one tier in effect. Rate and FDIC insurance coverage details can be found in the program summary. We deposit your cash with one or more of the Program Banks, subject to any Program Bank(s) you have excluded. You will earn the highest rate offered by Flourish up to the maximum deposit amount for each tier. Each annual percentage yield (APY) displayed here is effective as of 09/19/2024 and may change at any time. Your advisor may charge fees which impact the effective rate you receive on your cash; you should speak with your advisor for more information. The Flourish Cash interest rate(s) could be lower than the rate that could be earned by opening a deposit account directly with a Program Bank.

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 20 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 $5,000,000 of FDIC insurance and personal customers are eligible for (i) up to $5,000,000 of FDIC insurance for an individual account or revocable living trust account and (ii) up to $10,000,000 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/.