Flourish Crypto Launches Integration with Envestnet | Tamarac

Flourish, a platform which provides innovative access to financial products that help RIAs secure their clients’ financial futures, today announced that Flourish Crypto, its turnkey, direct-ownership cryptocurrency investing solution built for registered investment advisers (RIAs) and their clients has launched its integration with Envestnet | Tamarac. Flourish Crypto and Envestnet | Tamarac have built a direct, custodial integration, allowing RIAs to incorporate Flourish Crypto data into their reporting much like any other asset—from performance to billing—in a simple and secure way.

Advisors leverage Envestnet | Tamarac to manage client portfolios, support reporting and planning, implement billing, and more. Including cryptocurrency data within existing reporting systems is critical for RIA adoption of this emergent asset class. Flourish Crypto’s integration with Tamarac, which is live and in use today, enables RIAs to meet a growing demand from clients while ensuring that firms can manage crypto within their existing workflows and processes.

“Supporting cryptocurrency investing is an imperative 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 are paying attention to digital currencies and advisors need to be thoughtful about the space in order to retain current clients and win new prospects,” said Ben Cruikshank, President of Flourish.

Mr. Cruikshank continues: “At the same time, ensuring that client data flows into existing reporting systems is an operational necessity for many of the RIAs we work with. Building off the integration we have had in place for years, we are pleased to continue to work with our partners at Envestnet | Tamarac to provide innovative solutions to advisors, helping them compete while ensuring all of our products are a seamless part of the RIA tech stack.”

Mutual clients of Flourish Crypto and Envestnet | Tamarac stressed 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’ve seen a demand for crypto, and searched for options that aligned with our investment strategy and integrated 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 investing into their practice much like any other asset. This includes being able to view 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 marketplace,” said Dani Fava, Group President, Product Innovation at Envestnet. “RIAs now have access to a solution to bring crypto to their existing clients, and add value to their current and next-gen 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 feature their branding, take discretion or offer as client-directed accounts, and obtain 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).

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