Flourish, the fintech platform dedicated to helping RIAs improve financial outcomes for clients, is bolstering its support for advisors with a new data integration partnership.
The wealth tech provider has forged a partnership with Salesforce Financial Services Cloud, effectively enhancing advisors’ ability to manage client assets like held-away cash through a seamless data transfer.
The partnership also extends to three Salesforce-based customer relationship management platforms tailored for RIAs – Practifi, Salentica Elements, and XLR8 – broadening accessibility across various CRM solutions. Through the integration, Flourish aims to help advisors reduce the manual workload associated with onboarding and account management.
“Our goal is to seamlessly integrate Flourish into the systems RIAs are already using today to give valuable time back to advisors,” Flourish CEO Max Lane said in a statement. He emphasized that this integration provides more tools for advisors to streamline operations, especially in response to growing interest among clients in high-yield savings options.
In a survey report of high-net-worth advisors published in March, Flourish found a yawning gap between how much advisors assumed their clients keep in cash – 7 percent of their net worth – versus the actual figure of 30 percent. And as an overwhelming 92 percent of respondents reported their clients are interested in high-yield savings accounts, roughly seven-tenths agreed providing cash management services would give them a competitive edge against other advisory firms (71 percent) and wirehouses (68 percent).
To that point, Flourish Cash, a key component of the Flourish platform, lets clients earn competitive interest rates on cash held outside their investment portfolios. Over 850 RIAs using the Flourish Cash capability stand to benefit from the fintech's integration with Salesforce, which leverages existing CRM data to simplify the setup and application process.
Adrian Johnstone, CEO of Practifi: “This integration makes it easier than ever for advisors to help clients earn more on their cash by leveraging their existing CRM data to streamline operations and deliver an improved client experience.”
"This solution streamlines operations and delivers an improved experience for advisors and clients,” echoed Maria Pezzino, Business Development Manager at XLR8.
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