New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Flourish, a platform that provides innovative access to financial products that help registered investment advisors (RIAs) secure their clients’ financial futures, today announced that Flourish Cash, its cash management offering, earned the WealthManagement.com 2023 Industry Award for Best Cash Optimization Solution.
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 this year. Over 150 new RIA firms have embraced the platform since January, bringing the total number of firms on the platform to more than 600 RIAs, resulting in a doubling of assets under custody. During this time Flourish Cash clients have collectively earned over $54 million in interest and 8 rate increases have brought current rates to more than 11x the national savings account average (current rates can be found via https://www.flourish.com/rates).
“While most people think of cash as a source of protection with limited to no growth, this year, astute advisors have helped clients earn meaningful returns on their held away cash. We are thrilled to be recognized by WealthManagement.com as the best cash optimization solution,” said Max Lane, CEO of Flourish. “Every investor should have their savings insured and work for them. Growth-minded advisors have the opportunity to add value to clients and prospects, while uncovering assets they had no visibility into and one of the best ways to do that is through our industry-leading cash optimization platform for RIAs.”
Flourish has earned numerous industry accolades. Flourish Cash is recognized as a Leading Fintech Platform finalist for this year’s ThinkAdvisor Luminaries Awards. Both Flourish Cash and Flourish Crypto are recognized as RIA favorites in Bob Veres’ 2023 T3/Inside Information Advisor Software Survey. Additionally, last year, the same awards program selected Flourish Crypto, a turnkey cryptocurrency investing solution built for RIAs and their clients, as the Best Cryptocurrency Provider as well as a finalist for the Most Innovative New Applications category.
WealthManagement.com Industry Awards (fka: “The Wealthies”) honor individuals, organizations, and companies providing significant support to financial advisors. Specific to technology providers, the award program highlights initiatives designed to help financial advisors build better practices and more effectively serve their clients. This year’s program attracted more than 1,000 entries across 415 companies and was emphasized as the most selective year for the program. Finalists and winners are assessed and determined by a panel of independent judges.
Over 600 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 core technology systems.
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 $3.4 billion in assets under custody and is used by more than 600 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 WealthManagement.com
WealthManagement.com, an Informa business, provides everything wealth professionals need to know to stay knowledgeable about the industry, build stronger relationships, improve their practice, and grow their business. WealthManagement.com offers financial services organizations a broad array of marketing services designed to help them influence the industry’s leading audience of wealth management professionals.
About Informa
Informa PLC is a leading, international business to business information services Group, operating in over 30 countries. Informa create transaction-led exhibitions and content-based events, specialist data, intelligence and marketing services products, as well as scholarly research and specialist reference-led academic content. Informa products and services help businesses and professionals connect, learn, do business and gain an edge over the competition. Informa is listed on the London Stock Exchange and is a member of the FTSE 100.
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.
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. 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. 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 FDIC aggregate insurance coverage limits. FDIC insurance will not be provided until the funds arrive at the Program Bank. Flourish Cash’s current Program Banks can be found here. For additional information regarding FDIC coverage, visit https://fdic.gov/ and https://www.flourish.com/advisors.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. © 2023 Flourish. All rights reserved.
