Flourish CEO Max Lane feels the stage is set for the cash conversation

As 2023 winds down and temperatures on Wall Street plummet, allow Financial Planning to transport you back to warmer days and one of the hottest wealth management events of the year.

This holiday season Financial Planning is taking a special look back at the annual Future Proof Festival, a one-of-a-kind industry gathering that attracted nearly 3,000 financial advisors, wealth management executives, fintech leaders, emerging startups, rap icons and more to Huntington Beach, California, during the second week of September.

Our walk down memory lane is a series of exclusive interviews with insiders and newsmakers conducted by Financial Planning Wealthtech Reporter Justin L. Mack, who also served as a panel moderator during the event.

In this clip, Mack chats with Max Lane, founding member and CEO of Flourish, the RIA technology platform owned by MassMutual that provides cash and crypto management tools to more than 700 RIAs.

As someone who was born and raised in Orange County, Lane said being at the event felt like a homecoming of sorts despite missing the 2022 event.

He added that his mission at Future Proof 2023 was to let advisors know that the combination of high interest rates and a renewed focus on FDIC insurance creates a perfect opportunity to start talking to clients about held-away cash. 

Lane and other Floriush officials believe cash to be a fantastic business boost for advisors who hone in on it. 

According to a 2022 Capgemini World Wealth report, people with at least $1 million in investable assets keep 20% of their net worth in cash. Meanwhile, a recent Flourish analysis found that clients with a self-reported net worth of $1 million to $2 million hold an average of $183,672 in Flourish Cash accounts, and clients with a self-reported net worth of $5 million to $10 million hold an average of $363,831 in cash.

"That cash is sitting in a bank account, usually earning nothing — sometimes uninsured. We were reminded of the importance of FDIC insurance a few months ago. Advisors historically have been limited to the core stock and bond portfolio," Lane said. "Now creates a perfect opportunity to add value to your clients, get more yield, get FDIC insurance and as an advisor, deepen your relationship with your clients. Not only with their personal wealth. But help them with their small business. Help with nonprofits they care about. Uncover new assets … that organic growth with existing clients."

Check out the full interview below.

Future Proof, an event billed as the first wealth festival, is making its return next summer and dates for Future Proof 2024 have already been announced. The event is slated to return to Huntington Beach Sept. 15-18, 2024.

Future Proof is also expanding in the new year with the addition of Future Proof Retreat, an additional event for wealth management leaders that will take place March 24-27 in Colorado Springs.