Flourish, Tifin AG secure new RIA partnerships

Flourish and Tifin AG are widening their reach in the wealth tech space as the two companies secure new RIA partnerships.

Flourish, a cash management platform designed for RIAs, has partnered with Carson Group, a national advisory network managing around $42 billion in assets. The relationship will bring Flourish Cash – the firm’s flagship solution for optimizing clients’ held-away cash – to Carson’s network of more than 150 RIA offices.

The addition of Flourish Cash is intended to help advisors address idle client cash balances that often lie outside the traditional portfolio. Carson, which serves over 52,000 client families, stands to gain significantly from looking into that blind spot.

“Industry research and our own Flourish data confirm that high and ultra-high net worth investors hold about 20 percent of their net worth in cash,” Max Lane, CEO of Flourish, said in a statement announcing the partnership. “These funds are typically sitting in checking and savings accounts earning next to nothing and often well over the FDIC limits, unprotected from potential bank failures.”

According to poll research Flourish released in March last year, Flourish found that while advisors estimate cash represents 7 percent of their clients' net worth, the actual figure surpasses 30 percent.

Lane added that despite the role of cash in financial planning, many advisors lack a way to implement effective solutions. “While held-away savings are discussed as part of holistic planning, without a specific advisor-centric solution there’s often no follow-through on optimizing reserve cash.”

Carson Group chief strategy officer Dani Fava said the "greater visibility into clients’ cash savings" enabled by the partnership "offers advisors a route to growth.”

The news of Flourish's partnership with Carson comes on the heels of the fintech's recent acquisition of Sora, an AI-powered tech platform designed to help advisors optimize clients' borrowing across mortgages, HELOCs, student loans, and credit cards.

Meanwhile, Tifin AG revealed it has teamed up with SteelPeak Wealth, a Los Angeles–based independent RIA with $3.4 billion in assets under management and additional locations in Woodland Hills, Beverly Hills, Newport Beach, Santa Barbara, Las Vegas, Boca Raton, and Dallas.

Under the agreement, SteelPeak will use Tifin AG’s artificial intelligence platform to access growth insights and consolidate client assets more effectively.

The partnership gives SteelPeak’s advisors access to Tifin AG’s data-driven advisor and home office portal. Tifin AG’s technology applies supervised AI and machine learning to help advisors identify business opportunities and improve client relationships.

“As wealth management firms evolve to meet the expectations of today’s investors, we see a clear shift toward intelligent, data-driven growth strategies,” said Jeannette Kuda, president and chief operating officer at Tifin AG.

The collaboration with SteelPeak adds to Tifin AG's growing network of wealth partners, which include Canada-based RBC's US wealth management division and GenWealth Financial Advisors.