At a glance
- The release also states the account provides elevated FDIC insurance coverage of up to $40 million for a two-person household through Flourish's Program Banks.
- Flourish describes itself as a wealthtech platform that helps RIAs and broker-dealers deliver a private-bank-like experience to their clients.
- The MassMutual agreement reaches an insurer's affiliated financial professionals rather than the RIA firms Flourish lists as clients.
Flourish announced an enterprise relationship with MassMutual that extends Flourish Cash to the insurer's network of more than 6,000 financial professionals across the nation.
Financial professionals affiliated with MassMutual can offer clients access to Flourish Cash, which Flourish says provides a high-yield interest rate on held-away cash currently 9x the nationwide savings account average. The release also states the account provides elevated FDIC insurance coverage of up to $40 million for a two-person household through Flourish's Program Banks.
"At MassMutual, we're committed to equipping financial professionals with the tools and support they need to help their clients thrive," said Vaughn Bowman, CFA, head of wealth management with MassMutual. "This is the perfect time to build on our relationship with Flourish by offering Flourish Cash to our advisor network."
"MassMutual can now offer customers a private-bank-like experience that drives both firm growth and client satisfaction," said Max Lane, CEO of Flourish.
The figures are Flourish's own
Flourish describes itself as a wealthtech platform that helps RIAs and broker-dealers deliver a private-bank-like experience to their clients. In the same release the company says the platform has driven over $1 billion in net new flows to custodians and holds more than $8 billion in assets under custody.
It says it works with more than 1,300 RIA firms representing over $2.6 trillion in AUM, including Focus Financial, Carson Group and Mariner Wealth Advisors. Those numbers come from Flourish, not from an independent tally.
The MassMutual agreement reaches an insurer's affiliated financial professionals rather than the RIA firms Flourish lists as clients. That suggests the cash product is being sold as a channel play as much as a platform sale, which is a cheaper way to add balances than recruiting advisory firms one at a time.
The release does not disclose the financial terms of the relationship or which custodian holds the accounts. What is clear is the population: MassMutual's network is measured in financial professionals, and Flourish's stated client base is measured in RIA firms, two different units that should not be added together.
Reported by the RIA desk from GlobeNewswire — Finance (Flourish release). Published . Corrections