New York, May 9, 2024 (GLOBE NEWSWIRE) — To flourisha platform that provides innovative access to financial products that help registered investment advisors (“RIAs”) improve their clients’ financial outcomes, announced today that it has surpassed $5 billion in assets under custody (AUC) and just under 800 RIA firms on the platform.

The launch of Flowered income, the first end-to-end annuity solution created explicitly for RIAs and their clients, has generated significant demand. Within a few weeks of its release, over 200 RIA firms began the registration process, with dozens now active on the platform. Flourish Annuities joins its flagship product, Flourish Cash, in providing RIAs access to products and services that drive growth and client engagement.

“Advisers are adopting solutions that help them address every aspect of their clients’ financial lives. By moving beyond traditional investing, RIAs are building stronger relationships and increasing share of wallet by offering innovative solutions that differentiate their practices,” said Max Lane, CEO of Flourish. “This evolution highlights the growing demand for advisors who can comprehensively meet their clients’ financial needs and provide greater value: for example, Flourish Cash clients earned more than $130 in interest last year and are on way to earn even more this year. Through our commitment to providing innovative, RIA-focused solutions, we have worked to continuously improve our core products and invest in creating new products that provide advisors with solutions that strengthen their firms and cultivate deeper client relationships, exemplified by successful launch of Flourish Annuities.”

In today’s “higher for longer” fee environment, RIAs using Flourish cash they are ideally placed to help each client earn more on the money they have set aside. Whether customers are saving for taxes, a rainy day, or a second home, Flourish Cash’s competitive rate puts every dollar to work for customers, assets that often otherwise would be ignored in low-yield savings accounts.

Flourish Cash’s customer base has more than tripled in 18 months, while Flourish Cash customers have benefited from 6 interest rate increases that brought current rates to more than 10 times the national savings account average, as well as 5 increases in FDIC insurance coverage totaling up to $20 million for a family of two. Flourish Cash has also introduced numerous product enhancements and expanded integrations that improve the user experience for both RIAs and their clients. Between them, Teams of consultants offers consultants a new way to collaborate within the Flourish platform, allowing consultants to organize themselves into an infinite number of customized groups, based on work team, office location or functional role, and easily share customer visibility at this team level.

Likewise, the strength of the annuity markets makes this an ideal time for advisors to consider new options for guaranteed fixed-rate portfolio solutions. With traditional barriers to adoption removed, such as advisor licensing requirements and cumbersome paper applications, Flourish Annuities allows advisors to take a new look at annuities for clients, including clients with specific needs such as inherited IRAs and annuities outside the original warranty period.

Just under 800 RIAs managing over $2 trillion in combined assets rely on Flourish to help them bring more assets into their orbit. The Flourish platform allows advisors to highlight their firm’s brand, take on discretion or offer as direct-to-client accounts, as well as provide client-friendly marketing materials, robust and customizable compliance resources, white glove support and more Still.

Flourish is wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual).

About Flourish
Flourish develops technologies that empower financial advisors, improve financial lives and retirement outcomes, and bring new and innovative investment options to advisors. Today, the Flourish platform supports more than $5 billion in assets under custody and is used by more than 750 asset management firms representing more than $2 trillion in assets under management. Flourish is wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information visit www.florish.com.

Forward-Looking Statements
This press release may contain forward-looking statements that are subject to certain risks and uncertainties. Actual results, performance or achievements may differ materially from those expressed or implied.

This feedback may not be representative of other customers’ experiences and is not a guarantee of future performance or success.

Flourish is an online platform through which investors can access financial services and products. Flourish’s offerings are provided by different entities and are subject to different terms, investor protections and risks. Flourish Cash is offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its staff on FINRA BrokerCheck. Flourish Crypto is offered by Paxos Trust Company, LLC, a New York limited purpose trust company regulated by the New York Department of Financial Services that provides custody and execution services for Flourish Crypto accounts, and Flourish Digital Assets LLC, registered in New York as a commodity broker-dealer and provides website and other services and support for Flourish Crypto accounts. Paxos is not an affiliate of Flourish. Flourish Annuities generally refers to the annuity platform operated by Flourish Technologies LLC, where applicable, and to Flourish Insurance Agency LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency LLC operates in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. The annuities displayed on the platform are sold through Flourish Insurance Agency LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more licensed and approved life insurance companies. The Flourish entities mentioned above are affiliates. Flourish Cash, Flourish Crypto and Flourish Annuities accounts are separate accounts and only assets in Flourish Cash accounts may be eligible for protection by the FDIC or SIPC. Please review the Legal section of our website and the disclosures provided with each Flourish service or product, for more information. If you have been introduced or invited to Flourish by an investment advisor or other third party, please note that, unless otherwise indicated, they are not affiliated with any Flourish entity. © 2024 Fiorire. All rights reserved.

The cash balance in a Flourish Cash account transferred to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including FDIC aggregate insurance coverage limits. FDIC insurance will not be provided until funds arrive at the Program Bank. You can find the current banks of the Flourish Cash program Here. For more information about FDIC coverage, visit https://fdic.gov/ AND https://www.florish.com/advisors.

Flourish Cash currently has a tiered interest rate structure and currently has one tier in place. FDIC insurance rate and coverage details can be found in program summary. We deposit your cash at one or more program banks, based on the program banks you have excluded. You will earn the highest rate offered by Flourish up to the maximum deposit amount for each tier. Each Annual Percentage Yield (APY) displayed here is effective as of 04/24/2024 and may change at any time. Your advisor may charge you fees that affect the effective rate you receive on your cash; you should speak to your advisor for more information. The Flourish Cash interest rate may be lower than the rate that could be earned by opening a deposit account directly at a program bank.

Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies LLC, where applicable, and to Flourish Insurance Agency LLC in its capacity as a licensed insurance producer providing insurance services relating to such platform and, where applicable, individual annuity contracts intended to be purchased by individual clients of registered investment advisors (“RIA”). Flourish Insurance Agency LLC operates in California under the name Flourish Digital Insurance Agency.

An annuity is an insurance contract. The annuities displayed on the platform are sold through Flourish Insurance Agency LLC, with offices in Jersey City, New Jersey, a licensed insurance producer, and are issued by one or more licensed life insurance companies. The issuing insurance company, and not any Flourish company, is solely responsible for its financial and contractual obligations. All benefits and guarantees of an annuity contract are subject to the claims-paying ability of the issuing insurance company. This is not an offer or solicitation to purchase insurance. Flourish Annuities are not available to New York residents.

Federal Deposit Insurance Corporation, National Deposit Rates: Savings [SNDR]extracted from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SNDR04/15/2024

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