Flourish, a financial technology firm that provides a platform for RIAs to access financial products, has reached a new milestone.
The New York based firm, which is wholly owned by MassMutual, has announced that it has surpassed $5 billion assets under custody with just under 800 RIA firms using its platform. It has seen a surge in RIAs onboarding since the recent launch of its Flourish Annuities solution which was further expanded in March. The strong annuities market is fueling interest in the solution which removes traditional hurdles to adoption like advisor licensing requirements and unwieldy paper-based applications.
The firm’s flagship solution Flourish Cash was recently made available to more practices across Focus Financial Partners independent network of fiduciary wealth management firms, giving them another avenue to bring over clients’ held-away assets. The solution has benefitted from higher-for-longer interest rates with its client base more than doubling in 18 months and now also offers a collaborative approach for teams using its platform called Advisor Teams.
“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 $130M in interest last year, and are on track to earn even more this year.”
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
