In Brief:
- MassMutual-owned fintech Flourish launched the Flourish Crypto.
- Flourish developed Flourish Crypto for independent RIAs and their clients.
- It also provides the flexibility advisors need around trading, transfers, billing, and integrations
MassMutual-owned fintech Flourish launched the Flourish Crypto for independent Registered Investment Advisers (RIAs) with cash management services and also other financial products.
Flourish partnered with Paxos, which is supporting the execution and custody service, to launch Flourish Crypto. This will allow independent advisors and their clients very compliant and secure access to the Bitcoin market.
Flourish Crypto clients can access the growing asset class by opening an online account and trading Bitcoin through their advisor rather than a retail trading app, private bank, or wirehouse. Accounts can either be client-directed or advisor-directed.
According to Ben Cruikshank, head of Flourish, 80% of financial advisors inquired about cryptocurrencies. They launched this service to meet this growing demand.
The idea is to keep those assets within the RIA’s orbit. Using Flourish Crypto, advisors have access to balances, tax documents, and integrations with popular wealthtechs: eMoney Advisor, Orion Advisor Solutions, and Envestnet Tamarac.
Mr. Cruikshank further added, “We’ve heard from countless advisors that they are fielding questions about crypto on a daily basis—and that they don’t have the right solutions to meet this growing client demand or to compete with offerings from retail trading platforms and wirehouses,”
Key features of Flourish Crypto
- Direct ownership of cryptocurrency
- An integral part of the RIA ecosystem
- Qualified Custodian
- Robust security
- Designed for RIA compliance
- White-glove support
MassMutual acquired Flourish in February 2017. However, it works independently from MassMutual’s insurance and wealth management business.
Fintech startup Flourish isn’t the only one seeking to provide access to crypto for advisors. Tyrone Ross launched Onramp Invest earlier this year and raised $6 million in seed funding in August. The launch of Crypto Flourish, a new cryptocurrency trading infrastructure and tools platform for RIAs, is “a wonderful opportunity” for firms to get involved in the crypto market, Ross said.
