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

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A Directly Owned Bitcoin Investment Platform That Integrates With Existing RIA Workflows To Meet Growing Client Demand

New York, September 30, 2021 (GLOBE NEWSWIRE) – Flourish, a platform that provides innovative access to financial products that help RIAs secure the financial future of their clients, today 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. Flourish is the exclusive property of Massachusetts Mutual Life Insurance Company (MassMutual).

As cryptocurrency evolved into a $ 2 million asset class, solutions for independent advisers were 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 communications agencies, “said Ben Cruikshank, Head of Flourish. “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 within 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 charge on crypto 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 retains more than $ 12 billion in assets through relationships with major fintech companies and Fortune 500.

  • 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 customers through our partnership with Flourish,” said Walter Hessert, Chief Strategy Officer 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, Chief Technology Officer. and the corporate experience of MassMutual. “We are delighted to support the Flourish team as they make cryptocurrency investing more accessible to independent advisors and their clients.”

For more information and to get started, please visit: www.flourish.com/advisors/crypto.

About Flourish
Flourish is developing technology that empowers financial advisors, improves financial life and retirement outcomes, and provides new and innovative investment options for advisors. Today, the Flourish platform is used by more than 400 wealth management companies representing more than $ 1,000 billion in assets under management. Flourish is the exclusive property of MassMutual. For more information, visit www.florish.com.

Forward-looking statements
This press release may contain forward-looking statements 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 keep custody of cryptocurrencies and US dollars. Custody of Flourish Crypto accounts, including all account assets, 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 City limited-purpose 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) under the terms of Flourish Crypto. Flourish Digital Assets is registered in New York as a commodity broker. The investment options in Flourish Crypto accounts are currently limited to bitcoin. Cryptocurrencies held in Flourish Crypto accounts are not currently eligible for in-kind transfer to other cryptocurrency custodians or wallets. If a Flourish Crypto account is closed, the client’s cryptocurrency positions will be liquidated and the client will receive the proceeds in US dollars. Investing in cryptocurrencies involves a high degree of risk, as further described in the risk information in the Paxos Terms. and the terms of Flourish Crypto.

CONTACT: Marissa Arnold [email protected]


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