Flourish Partners with Mariner for Enhanced Cash Management
Flourish, a leading wealthtech platform, has announced an exciting enterprise relationship with Mariner, a prominent financial services firm overseeing significant assets. This collaboration aims to revolutionize the cash management strategies available to wealth advisors, expanding Flourish's capabilities in helping registered investment advisors (RIAs) transition from providing holistic advice to implementing comprehensive solutions.
Significance of the New Relationship
The partnership will integrate Flourish Cash, an award-winning cash management solution, into Mariner's extensive network of advisors. This innovative cash management tool is designed to provide advisors with effective strategies that cater to the needs of high and ultra-high net worth clients. Mariner boasts an impressive history of growth and adaptability, offering a diverse range of financial services, including wealth planning and investment advisory services.
Understanding the Cash Management Challenge
Recent studies and Flourish's internal data indicate that high and ultra-high net worth individuals often hold around 20% of their total net worth in cash. This cash is typically held outside investment portfolios, receiving minimal returns and often exceeding FDIC insurance limits, presenting potential risks. Max Lane, CEO of Flourish, highlighted the challenges in optimizing this cash through traditional wealth management meetings without an advisor-focused platform.
The Impact on Advisors and Clients
The collaboration with Mariner allows advisors access to a secure, integrated cash management solution that not only prioritizes clients' cash reserves but also aims to deliver competitive rates. Katrina Radenberg, Chief Investment Officer at Mariner, expressed enthusiasm about Flourish Cash, indicating that it enhances Mariner's mission to elevate industry standards by providing their advisors with best-in-class financial tools. She emphasized the importance of integrating new technologies into existing workflows to maximize efficiencies and enhance client service.
Flourish’s Growth and Industry Standing
With the approval of over 1,000 RIAs managing assets worth over $2.6 trillion, Flourish has consistently proven itself as a trusted partner for wealth management firms. The platform stands out by empowering advisors to not only offer personalized advice but also implement practical financial strategies. Flourish enables advisors to showcase their branding and access comprehensive marketing materials, enhancing communication with clients.
About Flourish
Flourish is dedicated to improving the financial outcomes for advisors and their clients. By harnessing innovative technology, the platform manages assets exceeding $8 billion and is widely utilized across the wealth management sector. Flourish is a subsidiary of Massachusetts Mutual Life Insurance Company and continues to grow and adapt to meet the changing needs of financial advisors.
About Mariner
Mariner has established itself as a reputable financial services firm, equipped to address the complex needs of modern wealth management. Founded with a commitment to client-focused solutions, the firm continually seeks to enhance its service offerings. Mariner's wealth of expertise across various financial domains empowers its advisors to dedicate their time towards creating seamless wealth strategies for their clients.
Frequently Asked Questions
What is the new partnership between Flourish and Mariner?
The partnership focuses on integrating Flourish Cash, a cash management solution, into Mariner's network, enhancing financial strategies for wealth advisors.
Why is cash management important in wealth planning?
Cash management is crucial because a significant portion of high net worth individuals’ wealth is held in cash with minimal returns. Optimizing these funds can lead to better financial outcomes.
How does Flourish help wealth advisors?
Flourish provides tools and platforms that help advisors implement comprehensive financial strategies tailored to clients’ needs and enhance their overall value proposition.
What unique services does Mariner offer?
Mariner offers a variety of financial services, including investment advisory and wealth planning, with the experience needed to help clients successfully manage their wealth.
How will this partnership benefit clients of Mariner?
The partnership will allow Mariner’s advisors to provide integrated cash management solutions, facilitating better planning and optimizing clients’ reserves in a secure manner.
