Flourish RIA Fintech Hits $5 Billion AUC Milestone

New York, May 09, 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 surpassing $5 billion in assets under custody (AUC) and just under 800 RIA firms on the platform.

The launch of Flourish Annuities, the first end-to-end annuities solution built explicitly for RIAs and their clients, generated remarkable demand. Within weeks of its release, over 200 RIA firms initiated the sign-up process, with dozens now active on the platform. Flourish Annuities joins the flagship product, Flourish Cash, in bringing RIAs access to products and services that drive growth and client engagement.

“Advisors are embracing solutions that help them address every aspect of their clients’ financial lives. As they move beyond traditional investments, RIAs are building stronger relationships and growing wallet share by offering innovative solutions that differentiate their practices,” said Max Lane, Flourish CEO. “This evolution underscores the increasing demand for advisors to comprehensively address their clients’ financial needs and deliver enhanced value–for example, Flourish Cash clients earned more than $130 in interest last year, and are on track to earn even more this year. Through our commitment to delivering innovative, RIA-centric solutions, we have worked to continuously enhance our core products and invest in building new products that equip advisors with solutions that strengthen their firms and nurture deeper client relationships, exemplified by the successful launch of Flourish Annuities.”  

In today’s “higher for longer” rate environment, RIAs using Flourish Cash are ideally positioned to help every client earn more on their held-away cash. Whether clients are saving for taxes, a rainy day, or a second home, Flourish Cash’s competitive rate puts every dollar to work for clients–assets that are often otherwise ignored in low-yielding savings accounts. 

Flourish Cash’s client base more than tripled in 18 months while Flourish Cash clients benefited from 6 interest rate increases bringing  current rates to more than 10x the national savings account average plus 5 increases in FDIC insurance coverage totaling up to $20M for a two-person household. Flourish Cash has also introduced several product enhancements and expanded integrations that improve the user experience for both RIAs and their clients. Among them, Advisor Teams brings a new way for advisors to collaborate within the Flourish platform, allowing advisors to organize themselves into an infinite number of custom groups, whether based on working team, office location, or functional role, and easily share visibility of clients at this team level.  

Similarly, strength in the annuities markets makes this an ideal time for advisors to consider new options for guaranteed, fixed rate solutions in the portfolio. With traditional hurdles to adoption like advisor licensing requirements and unwieldy paper-based applications removed, Flourish Annuities enables advisors to look anew at annuities for clients, including clients with specific needs like inherited IRAs and annuities outside the original guarantee period. 

Just under 800 RIAs managing over $2 trillion in combined assets trust Flourish to help them bring more assets into their orbit. The Flourish platform allows advisors to feature their firm’s branding, take discretion or offer as client-directed accounts, as well as providing client-friendly marketing materials, robust and customizable compliance resources, white-glove support, and more. 

Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual).

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 $5 billion in assets under custody and is used by more than 750 wealth management firms representing more than $2 trillion in assets under management. Flourish is wholly-owned by 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.

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. © 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 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 Cash currently 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 04/24/2024 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.

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, and where applicable, the individual annuity contracts intended to be purchased by individual clients of registered investment advisors (“RIAs”). 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, with offices in Jersey City, New Jersey, a licensed insurance producer, and are issued by one or more approved licensed life insurance companies. The issuing insurance company, not any Flourish company, is solely responsible for its own financial and contractual obligations. All benefits and guarantees of the annuity contract are subject to the claims paying ability of the issuing insurance company. This is not a proposal or a solicitation to purchase insurance. Flourish Annuities is not available to New York residents.

Federal Deposit Insurance Corporation, National Deposit Rates: Savings [SNDR], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SNDR, 04/15/2024