Envestnet adds cash management tools for RIAs

Tech giant Envestnet Tamarac announced Tuesday an integration with Flourish Cash to give independent advisers the ability to set up cash management accounts for clients so they can meet budgeting goals. 

With the integration, advisers within Tamarac can access and import account data from Flourish Cash, a move that expands on the TAMP's larger digital strategy to offer a fuller picture of a client’s financial health, according to Envestnet Tamarac’s executive managing director Andina Anderson. 

Cash management became ones of the hottest trends in financial technology last year as dozens of top advisers like Carson Wealth and Personal Capital — and even the free-trading app Robinhood — all added the features to attract more investing clients to their platforms.

Now, Flourish Cash features cash management tools front and center for the more than 100,000 independent advisors using Envestnet. The tool offers competitive interest rates and Federal Deposit Insurance Corp. insurance to advisers' clients with no minimums and unlimited transfers, according to a press release.

Data feed between Tamarac and Flourish Cash was implemented in August as part of the latest set of Tamarac Suite updates, according to the announcement. Access to Flourish Cash data is now available for all RIAs within Tamarac. 

For advisers helping clients open a cash account, the tool gives RIAs access to a larger breadth of client data, according to the announcement.

While access to an additional pool of client data ultimately enhances an adviser’s value proposition with existing clients, the partnership is also a move for Tamarac advisers to use the cash management offering to help win prospects and possibly generate referrals. 

Advisers can also feature their logo across the website and materials, and can set up standing instructions to help clients transfer funds between clients' portfolios and Flourish Cash accounts — all at no cost to their practices. 

"Our integration with Flourish Cash furthers our mission to empower advisors to provide advice that can improve outcomes in all areas of a client's financial life," said Anderson.