Fintech Flourish is capturing a bigger share of Focus Financial Partners’ tech stack as it unveils a new partnership.
Under the collaboration, the fintech provider is making Flourish Cash available to more practices across Focus’s independent network of fiduciary wealth management firms, giving them another avenue to bring over clients' held-away assets.
The deal to expand access to Flourish’s cash management solution comes as Focus embarks on its next leg of growth following its take-private acquisition by funds affiliated with Clayton Dubilier & Rice and Stone Point Capital.
The partnership also builds on Flourish’s previous successful collaborations with more than a dozen Focus firms, including Buckingham Strategic Wealth and The Colony Group.
"Throughout the years, we have been fortunate to work with a number of Focus firms, helping their clients generate higher earnings on their reserve savings," Max Lane, CEO of Flourish, said in a statement.
Lane expressed optimism about the future, saying: "We look forward to bringing Flourish Cash to more Focus firms as part of this expanded relationship."
"We are delighted to formalize our partnership with Flourish, marking a natural progression that aligns with our strategic vision for empowering our firms and their clients with innovative financial solutions," echoed Michael Nathanson, president of Focus and CEO of The Colony Group. Nathanson is just under two months into his role as president of Focus, which was announced in January.
Flourish’s expanded partnership with Focus comes after it enhanced its tech suite for registered investment advisors with Flourish Annuities, an end-to-end annuities platform specifically developed for RIAs and their clients. Last week, Flourish deepened its shelf of annuity offerings through an alliance with Aspida.
Flourish’s footprint in the advisor fintech space isn’t anything to sneeze at. Currently, it offers support to more than 750 RIAs that collectively manage more than $1.5 trillion in assets, which includes more than $4.5 billion in assets under custody across the practices it serves.
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