Redtail integrates with Flourish, Morningstar partners with Asset-Map

Cash management fintech Flourish can now pull client data directly from Redtail's CRM system to prefill application forms, while Morningstar will integrate Asset-Map client engagement technologies.

A pair of big-name providers of financial advisor technology announced new integrations to expand the services they provide.

Cash management fintech Flourish Cash can now pull client data directly from Redtail Technologies’ client relationship management software to prefill application forms on Flourish. Meanwhile, Morningstar has an agreement to integrate Asset-Map client engagement technologies into Advisor Workstation.

Americans have lost out on $291 billion in interest since the start of 2019 by keeping cash with big banks, according to the Wall Street Journal. Independent advisors can use Flourish to find a more competitive rate for clients’ held-away cash and benefit from elevated FDIC insurance, an in-demand feature in the wake of a few high-profile regional bank implosions. Flourish claims it paid out $6.6 million in interest to clients in the month of March and offers 4.40% annual yield, 13 times the national average on savings accounts.

Redtail, which is owned by turnkey asset management provider Orion Advisor Solutions, is one of the most popular CRMs among independent advisors. Flourish is used by 550 registered investment advisors, according to the company, and is owned by MassMutual.

“Recent events in the banking industry have shown that advisors need to have safe and secure solutions to help clients with cash,” Ben Cruikshank, president of Flourish, said in a statement. “Our advisors have invited thousands of clients to Flourish Cash in recent months, often prefilling client information to make client onboarding simple.”

Asset-Map provides visualizations of a client’s financial life and is typically used for financial planning. The software is now available to financial advisors who subscribe to Morningstar Advisor Workstation, and it will be integrated into Morningstar’s investment planning workflow later in 2023.

The integration will give advisors who use both programs a shared user interface and the ability to create visualization of client data within Morningstar, said Jeff Schwantz, global head of channels and partnerships at Morningstar.