New York, Oct. 06, 2022 (GLOBE NEWSWIRE) — Flourish, a platform that provides innovative access to financial products that help RIAs secure their clients’ financial futures, today announced that Flourish Crypto, their turnkey direct ownership investment solution in cryptocurrency built for Registered Investment Advisors (RIAs) and their clients has launched its integration with Envestnet | Tamarac. Flourish Crypto and Envestnet | Tamarac has built a direct custodian integration, which allows RIAs to include Flourish Crypto data in their reporting much like any other asset – from performance to invoicing – in a simple and secure way.
Advisers utilize Envestnet | Tamarac to manage client portfolios, support reporting and planning, implement invoicing and more. Incorporating cryptocurrency data into existing reporting systems is critical to RIA adoption of this new asset class. Flourish Crypto’s integration with Tamarac, which is live and in use today, enables RIAs to meet growing client demand while ensuring firms can manage crypto within their existing workflows and processes.
“Cryptocurrency investment support is a must 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 is paying attention to digital currencies and advisors need to be thoughtful about the space to retain current customers and win new prospects, says Ben Cruikshank, president of Flourish.
Mr. Cruikshank continues: “At the same time, ensuring that client data flows into existing reporting systems is an operational imperative for many of the RIAs we work with. Building on the integration we have had in place for many years, we are excited to continue working together with our partners at Envestnet | Tamarac to provide innovative solutions to advisors, helping them compete while ensuring that all of our products are a seamless part of the RIA technology stack.”
Mutual customers of Flourish Crypto and Envestnet | Tamarac emphasized 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 have seen a demand for crypto, looking for alternatives that align with our investment strategy and integrate 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 investments into their practice much like any other asset. This includes being able to see 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 market,” said Dani Fava, Group President, Product Innovation at Envestnet. “RIAs now have access to a solution to bring crypto to their existing clients, adding value to their current and next generation 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 enhance their branding, take discretion or offer as client managed accounts, and gain 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 Flourish
Flourish 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 companies. This release should not be construed as an endorsement or recommendation of any particular product, service or company.
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.
Flourish Crypto is a cryptocurrency investment account where investors can trade cryptocurrencies and maintain custody of cryptocurrencies and US 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 Paxo’s terms and conditions. Paxos is a New York limited use trust company regulated by the New York Department of Financial Services. The Website and other technology services and support for Flourish Crypto Accounts are provided by Flourish Digital Assets LLC (Flourish Digital Assets) in accordance with Booming 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 transfers 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 proceeds in US dollars. Investing in cryptocurrencies involves a high degree of risk, as described in more detail in the risk disclosures in Paxo’s terms and conditions and Booming crypto terms.
