Flourish launches Flourish Crypto, the turnkey cryptocurrency access solution tailored for RIAs

Flourish launches Flourish Crypto, the turnkey cryptocurrency access solution tailor-made for RIAs

By Edlyn Cardoza

Flourish, a platform that offers innovative access to financial products who help RIAs secure their clients’ financial futures, recently announced the launch of Flourish Crypto, a turnkey cryptocurrency investment solution designed for Registered Investment Advisers (RIAs) and their clients. Flourish Crypto is built on the Flourish platform, which is already used today by over 400 RIAs managing over $ 1,000 billion in combined assets and is offered by Flourish Digital Assets and Paxos Trust Company. Massachusetts Mutual Life Insurance Company has fully flourish.

As cryptocurrency has grown into a $ 2,000 billion asset class, solutions for independent advisers have been lacking. More than 80% of financial advisers have responded to their clients’ requests for crypto, while communications agencies, private banks and online retail platforms actively offer competing solutions.

To help advisors meet this growing demand, Flourish has developed Flourish Crypto for independent RIAs and their clients. Flourish Crypto provides advisors with secure and compliant access to cryptocurrency investing through a simple and easy-to-use platform, with key reporting and planning integrations, trading and transfer flexibility, customer experience co-branded and advisor-specific compliance resources.

“We have heard from countless advisers that they are answering crypto questions on a daily basis and that they do not have the right solutions to meet this growing customer demand or to compete with the offerings of retail platforms and communication agencies, “said Ben Cruikshank, head of development. “We have listened to our clients and built Flourish Crypto with the flexibility advisors need when it comes to integration, trading, branding and compliance. Advisors can now keep these assets in their orbit and offer a crypto solution as part of each client’s overall financial plan. “

The main features of Flourish Crypto include:

• Direct Cryptocurrency Ownership: Customers can open accounts online in minutes and have the option to trade bitcoin 24/7 with a minimum of $ 100 and unlimited liquidity, which means no complex fund structures, additional fund charges or subscription documents.
• Deeply Rooted in RIA Ecosystem: Flourish Crypto Integrates With Existing Systems, Such as eMoney Advisor, Orion and Envestnet | Tamarac: Allows advisors to report or bill cryptocurrencies like any other asset. Advisors can display their branding, use discretion, or offer client-managed accounts and gain visibility into balances, statements and 1099-Bs.
• Qualified Custodian: Cryptocurrency execution and custody services for Flourish Crypto accounts are provided by Paxos Trust Company, a highly regulated and audited crypto custodian that Flourish Crypto has selected after a rigorous due diligence process. Paxos was the first company to obtain a New York Department of Financial Services Trust charter for crypto in 2015, has both SOC1 and SOC2 certifications, and has over $ 12 billion in assets through relationships with major FinTech and Fortune 500 companies.
• Robust Security: Security is a top priority for Flourish Crypto, which combines modern security features such as bank-level encryption and multi-factor authentication with secure custody through Paxos Trust Company.
• Designed for RIA Compliance: Flourish Crypto has been designed with the compliance needs of RIAs in mind. Through a partnership with Compliance Solutions Strategies, RIAs will have free access to comprehensive compliance resources and expertise, including sample ADV language, risk information, and more.
• Technical Support: The New York-based Flourish team is staffed to meet the unique needs of RIAs and their customers, with support available via phone, email, and chat, and average call wait times by just 32 seconds in the past year.

“We are delighted to serve the needs of RIAs and their clients through our partnership with Flourish,” said Walter Hessert, head of strategy at Paxos. “We have built the leading regulated blockchain infrastructure platform with robust security so that our customers have confidence in the security of their digital assets.”

Flourish was acquired by MassMutual in February 2021 and operates independently of the insurance and wealth management business of MassMutual.

“At MassMutual, we believe that cryptocurrencies are increasingly part of the financial landscape, both as an investment strategy and as a technological innovation. In line with our diverse approach to the space, we have invested in bitcoin for our own general investment account and are also laying the groundwork for other cryptocurrency offerings and products, ”said Gareth Ross, Head of Technology and Corporate Experience at MassMutual. “We are delighted to support the Flourish team as they make cryptocurrency investing more accessible to independent advisors and their clients.”