NEW YORK, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Flourish, a platform that provides innovative access to financial products that help registered investment advisors (RIAs) improve their clients’ financial outcomes, today announced that Flourish Cash, its cash management offering, has raised its already elevated FDIC insurance coverage through its Program Banks. The increased FDIC insurance coverage will allow two-person households to be eligible to receive up to $20 million in FDIC insurance through a joint account and two individual accounts. 

As Flourish continues to expand its Program Bank network, it’s able to further increase the FDIC coverage offered to clients. Flourish Cash clients are now eligible to receive up to $5M for individual, business, and nonprofit accounts and up to $10M for joint accounts. Two-person households can open a joint account plus two individual accounts for up to $20M in coverage. 

The company offers a top tier annual percentage yield (APY) interest rate of 5.00% on the first $1,000,000 for an individual, business account, or joint account. The company raised its FDIC insurance coverage four times last year, most recently in November, protecting billions in assets while allowing clients to earn more than $130M in interest in 2023.  

“A recent study from Allianz Life emphasizes the need for advisors to have a cash strategy as it illustrates that most Americans (61%) prefer to keep a portion of their money in cash. An advisor-led cash strategy offers opportunities to help clients earn more while ensuring the safety of funds they prefer to hold outside of their investment accounts, demonstrating advisors’ commitment to holistic financial planning” said Max Lane, CEO of Flourish. “As the Fed has indicated a ‘higher for longer’ mentality, now is the time to ensure clients are earning more. With Flourish Cash, advisors are able to offer clients one of the highest interest rates in the market with access to up to 20x the FDIC insurance limit of a single checking or savings account.” 

Over 750 RIAs managing over $1.5 trillion in combined assets trust Flourish to bring more assets into their orbit. The Flourish platform allows advisors to feature their firm’s branding, obtain visibility into balances, statements, and tax documents—as well as access client-friendly materials, robust and customizable compliance resources, white-glove support, and more. RIAs can also incorporate their clients’ cash holdings into their core technology systems through integrations with major billing, reporting, and CRM providers.

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 supports more than $4.5 billion in assets under custody and is used by more than 750 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com. 

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 is an online platform through which investors can access financial services and products. Flourish’s offerings are provided by different entities and are subject to different terms, investor protections, and risks. Flourish Cash is offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA's BrokerCheck. Flourish Crypto is offered by Paxos Trust Company, LLC, a New York limited purpose trust company regulated by the New York Department of Financial Services that provides custody and execution services for the Flourish Crypto accounts, and Flourish Digital Assets LLC, registered in New York as a commodity broker-dealer and provides website and other services and support for Flourish Crypto accounts. Paxos is not an affiliate of Flourish. Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies LLC, where applicable, and to Flourish Insurance Agency LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency LLC does business in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more approved licensed life insurance companies. The Flourish entities mentioned above are affiliates. Flourish Cash, Flourish Crypto, and Flourish Annuities accounts are separate accounts and only assets in Flourish Cash accounts may be eligible for protection by the FDIC or SIPC. Please review the Legal section of our website, and the disclosures provided with each Flourish service or product, for further information. If you were introduced or invited to Flourish by an investment advisor or other third party, please be aware that, unless otherwise disclosed to you, they are not affiliated with any Flourish entity. The role of the investment advisor or other firm that invited you to Flourish may vary between different Flourish services and products, as further described in your terms of service. 

A Flourish Cash account is a brokerage account offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA's BrokerCheck. The cash balance in a Flourish Cash account will be swept from the brokerage account to deposit account(s) at one or more third-party Program Banks that have agreed to accept deposits from customers of Flourish Financial LLC. The accounts at Program Banks will pay a variable rate of interest.

Flourish Cash currently has a tiered interest rate structure, as set forth in the rate tier summary. We deposit your cash with one or more of the Program Banks, subject to any Program Bank(s) you have excluded. You will earn the highest rate offered by Flourish up to the maximum deposit amount for each tier. Each annual percentage yield (APY) displayed here is effective as of 12/07/2023 and may change at any time. Your advisor may charge fees which impact the effective rate you receive on your cash; you should speak with your advisor for more information. The Flourish Cash interest rate(s) could be lower than the rate that could be earned by opening a deposit account directly with a Program Bank.

The cash balance in a Flourish Cash account that is swept to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including aggregate insurance coverage limits. FDIC insurance will not be provided until funds arrive at the Program Bank. There are currently at least 20 Program Banks available to accept deposits for business Flourish Cash accounts and personal Flourish Cash accounts, and we are not obligated to allocate customer funds across more than this number of Program Banks if there is a greater number of banks in the program. Customers are generally eligible for FDIC insurance coverage of $250,000 per customer, per Program Bank, for each account ownership category. Thus, business customers are eligible for up to $5,000,000 of FDIC insurance and personal customers are eligible for (i) up to $5,000,000 of FDIC insurance for an individual account or revocable living trust account and (ii) up to $10,000,000 of FDIC insurance for a joint account with two owners or joint revocable living trust(s). The total FDIC coverage for a two-person household is calculated assuming that each household member has an individual account and that both household members share a joint account. If the number of Program Banks decreases for a customer (for instance, because a customer chooses to exclude Program Banks from receiving their deposits), the amount of FDIC insurance through Flourish Cash could be lower. Typically, all of a customer’s deposits at a Program Bank in the same ownership category (including deposits held outside Flourish Cash or held through multiple Flourish Cash accounts with the same ownership category) count toward the FDIC insurance limit for deposits at that Program Bank. Customers are responsible for monitoring whether they maintain deposits at a Program Bank outside of Flourish Cash and should consider choosing to exclude that Program Bank from receiving their deposits to avoid exceeding FDIC insurance limits. Although Flourish Cash is offered through a brokerage account and cash held in brokerage accounts often has the benefit of SIPC protection, until such time as we offer securities products, customers likely will not have the benefit of SIPC protection. SIPC protection is not available for cash held at the Program Banks. Our current Program Banks can be found here. For additional information regarding FDIC coverage, visit https://fdic.gov/.

Marissa Arnold
flourish@marissaarnoldpr.com