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 ...
Full story available on Benzinga.com