Helping RIAs Meet Growing Client Demand for Access to Crypto
New York, Oct. 06, 2022 (GLOBE NEWSWIRE) — Flourish, a platform which provides innovative access to financial products that help RIAs secure their clients’ financial futures, today announced that Flourish Crypto, its turnkey, direct-ownership cryptocurrency investing solution built for registered investment advisers (RIAs) and their clients has launched its integration with Envestnet | Tamarac. Flourish Crypto and Envestnet | Tamarac have built a direct, custodial integration, allowing RIAs to incorporate Flourish Crypto data into their reporting much like any other asset—from performance to billing—in a simple and secure way. Advisors leverage Envestnet | Tamarac to manage client portfolios, support reporting and planning, implement billing, and more. Including cryptocurrency data within existing reporting systems is critical for RIA adoption of this emergent asset class. Flourish Crypto’s integration with Tamarac, which is live and in use today, enables RIAs to meet a growing demand from clients while ensuring that firms can manage crypto within their existing workflows and processes.“Supporting cryptocurrency investing is an imperative for RIAs. A recent survey of high-net-worth individuals found that 91% of HNWIs younger than 40 have investments in digital assets; the next generation of investors are paying attention to digital currencies and advisors need to be thoughtful about the space in order to retain current clients and win new prospects,” said Ben Cruikshank, President of Flourish. Mr. Cruikshank continues: “At the same time, ensuring that client data flows into existing reporting systems is an operational necessity for many of the RIAs we work with. Building off the integration we have had in place for years, we are pleased to continue to work with our partners at Envestnet | Tamarac to provide innovative solutions to advisors, helping them compete while ensuring all of our products are a seamless part of the RIA tech stack.”
Mutual clients of Flourish Crypto and Envestnet | Tamarac stressed the importance of the integration.
“Wealthspire is always focused on evolving to meet the needs of both our advisors and our clients,” said Michael Moriarty, Chief Investment Officer of Wealthspire Advisors. “Increasingly we’ve seen a demand for crypto, and searched for options that aligned with our investment strategy and integrated with our core reporting system. We were pleased to work with Flourish Crypto and Envestnet | Tamarac to bring this integrated solution to our clients, and built to work for advisors.”
Flourish Crypto data flows into Envestnet | Tamarac through a direct custodial integration, allowing RIAs to incorporate cryptocurrency investing into their practice much like any other asset. This includes being able to view Flourish Crypto data in their data feed and client portfolios; performance reporting on crypto, billing and regulatory AUM calculations, and financial planning. “This integration helps RIAs meet a growing demand from clients to stay competitive in today’s evolving marketplace,” said Dani Fava, Group President, Product Innovation at Envestnet. “RIAs now have access to a solution to bring crypto to their existing clients, and add value to their current and next-gen clients.”More than 75 firms with a combined AUM of over $150 billion already trust Flourish Crypto and benefit from its simple and secure turnkey solution. Through Flourish Crypto, advisors can feature their branding, take discretion or offer as client-directed accounts, and obtain visibility into balances, statements, and 1099-Bs—as well as access client-friendly materials, robust and customizable compliance resources, white-glove support, and more. Flourish Crypto is built on the Flourish Platform, which is already in use today by over 440 RIAs managing over $1.4 trillion in combined assets and is offered through Flourish Digital Assets and Paxos Trust Company, a NYDFS trust company and qualified custodian. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual).About FlourishFlourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform is used by more than 440 wealth management firms representing more than $1.4 trillion in assets under management. Flourish is wholly owned by MassMutual. For more information, visit www.flourish.com.Flourish and Envestnet are separate and unaffiliated firms. This release should not be construed as a recommendation or endorsement of any particular product, service, or firm.Forward Looking StatementsThis 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.Flourish Crypto is a cryptocurrency investment account through which investors can trade cryptocurrencies and maintain custody of cryptocurrencies and U.S. dollars. Custody of Flourish Crypto accounts, including all assets in the accounts, and cryptocurrency trading services are provided by Paxos Trust Company, LLC (Paxos Trust Company) in accordance with the Paxos Terms. Paxos is a New York limited purpose trust company regulated by the New York Department of Financial Services. Website and other technology services and support for Flourish Crypto accounts are provided by Flourish Digital Assets LLC (Flourish Digital Assets) in accordance with the Flourish Crypto Terms. Flourish Digital Assets is registered in New York as a commodity broker-dealer. Investment options in Flourish Crypto accounts are currently limited to bitcoin and ethereum. Cryptocurrencies held in Flourish Crypto accounts are not currently eligible for in-kind transfer to other custodians or cryptocurrency wallets. If a Flourish Crypto account is closed, the customer’s cryptocurrency positions will be liquidated and the customer will receive the U.S. dollar proceeds. Investing in cryptocurrencies involves a high degree of risk, as further described in the risk disclosures in the Paxos Terms and the Flourish Crypto Terms.
