Flourish launches new Redtail Technology integration: Wealthtech Weekly

April 6, 2023 3:17 PM

RIA technology platform Flourish has announced a new working relationship with one of the biggest names in CRM solutions.

Flourish, a fintech firm wholly owned by MassMutual that offers cash and crypto management tools for advisors, is now integrated with Redtail Technology.

The direct integration — which aims to support advisor access to clients' held-away assets — now allows RIAs to prefill Flourish application information using data stored in Redtail. Officials said tens of thousands of advisors rely on Redtail to manage client information and automate marketing.

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Flourish has an existing direct-custodial integration with Orion Advisor Solutions, which acquired Redtail in 2022. As a result of the deal, Redtail founder Brian McLaughlin was named president of Orion Advisor Tech as the company announced a new strategic operating model that splits the organization into three business lines.

According to Flourish, its platform supports more than $2 billion in assets under custody and is used by more than 550 wealth management firms with more than $1.5 trillion in assets under management.

Flourish President Ben Cruikshank said recent events in the banking industry prove that advisors need to have safe and secure solutions to help clients with cash.

"Our advisors have invited thousands of clients to Flourish Cash in recent months, often prefilling client information to make client onboarding simple," Cruikshank said in a statement. "Advisors using both Flourish and Redtail will now be able to leverage their existing CRM data to streamline advisor operations and deliver an improved client experience, making it easier than ever for advisors to help clients with cash."

David Mehlhorn, vice president of business development at Redtail, added that modern advisors are "demanding integration and innovation in the pursuit of solutions that will save them time and deliver a bespoke client experience.

"This integration will offer our advisors just that, allowing for the frictionless transfer of data by helping them seamlessly populate Flourish with Redtail data," Mehlhorn said.

Justin Burrow, chief operating officer and partner at Ryan Wealth Management in Spokane, Washington, is a Flourish and Redtail client who said he is already benefiting from the live integration

"The integration is extremely easy to use, and having our data easily accessible whenever necessary is ideal for our firm," Burrow said. "It's great to see Flourish continuing to innovate by prioritizing integrations with the systems we use every day."

Scroll down to get caught up on other recent fintech news you might have missed in our Wealthtech Weekly recap. And check out the previous edition here.

Savvy Wealth rolls out proprietary direct indexing solution

Savvy Wealth Founder Ritik Malhotra

Savvy Wealth

Tech-driven wealth management firm Savvy Wealth has introduced its debut direct indexing tool.

On Thursday, the New York-based RIA startup announced the launch of Savvy Direct Indexing, a proprietary solution that will enable its financial advisors to offer tax-optimized, risk-adjusted and personalized portfolios.

The newest feature on Savvy's integrated technology platform, Savvy Direct Indexing provides advisors with a solution to deliver tax-efficient, values-aligned portfolios that are customized to their high-net-worth clients' preferences.

Firm leaders said the news comes at a time when consumers across all industries are clamoring for personalized solutions that reflect their specific priorities. Ritik Malhotra, co-founder and CEO of Savvy, said Savvy Direct Indexing meets this demand by enabling advisors to customize a given index in line with clients' unique values, tax situations and financial preferences.

"The age of personalization is upon us, and off-the-shelf index funds are largely ill equipped to meet the complex needs of high-net-worth investors," Malhotra said. "With Savvy Direct Indexing, our advisors can help clients achieve diversified exposure while proactively managing for tax liabilities, concentrated positions, ethical convictions, and more. We're confident this latest addition to our platform will prove invaluable in helping advisors meaningfully engage prospects and existing clients alike."

Nathan Wallace, founding principal wealth manager at Savvy, added that all families should be able to invest their money how they want and have a portfolio that reflects their values.

"Savvy Direct Indexing makes it easier than ever to execute on this mandate, offering unparalleled transparency into underlying holdings as well as the ability to screen for those that the client deems undesirable," Wallace said in a statement. "This ability to tailor a client's portfolio around the issues that matter most to them can serve as a catalyst for a deeper, more meaningful engagement."

Founded in July 2021 by a technology entrepreneur, Savvy has raised a total of $18 million in two years, including a Series A-1 funding round of $11 million that closed in November 2022 and was led by California venture capital firm The House Fund. Also taking part in the most recent capital raise were venture capital firms Index Ventures, Thrive Capital, Brewer Lane Ventures and Jordan Park.

Asset-Map announces collaboration with Morningstar

Asset-Map UI

Asset-Map

Philadelphia-based fintech firm Asset-Map is bringing its visualized financial planning and advice-led solutions to all Morningstar Advisor Workstation subscribers.

Morningstar will integrate Asset-Map within its investment planning experience workflow in late 2023, giving financial professionals who license with Asset-Map a shared user interface and the ability to create visualizations to engage with clients in their financial journeys.

"We're thrilled to build on Asset-Map's financial wellness mission and now offer our full product suite to Morningstar Advisor Workstation subscribers," H. Adam Holt, CEO of Asset-Map, said in a statement. "The future of financial advice is evolving, and I'm proud of the progress our team has made to help advisors capture a picture of their clients' financials in 15 minutes or less and ultimately focus on productive conversations unique to each individual.

"With that in mind, I'm excited that financial professionals using the Morningstar platform will now have the chance to adopt a new approach to advice engagement."

Jeff Schwantz, global head of channels and partnerships at Morningstar, said integrating Asset-Map's advice engagement capabilities with Morningstar's holistic investment planning experience "empowers advisors to build and deliver customized solutions that reflect their clients' financial goals and preferences."

Asset-Map provides in-person and remote advice software to wealth management, investment, tax and insurance professionals. Typically included as part of the financial planning engagement process, Asset-Map helps advisors and their clients collaborate and make better financial decisions via visualization tools that allows advisors and their clients to efficiently build a shared trust and understanding, dedicating more time to the decisions that matter most to each individual.

Former Edward Jones exec makes the move to AssetMark

Josh Armey, executive vice president and head of corporate strategy for AssetMark

AssetMark

Concord, California-based turnkey asset management program and outsourced investment technology firm AssetMark has a new vice president with decades of enterprise experience.

This week the firm announced the appointment of Josh Armey as executive vice president and head of corporate strategy. The industry and Air Force veteran most recently served as the head of transformation at Edward Jones where he established the firm's Transformation Office and implemented a framework and processes for achieving its transformation vision.

In his new role, Armey will serve as a member of AssetMark's executive committee and will work with leaders across the organization to accelerate strategic growth and maximize long-term performance.

Armey began his career as an Air Force Officer and F16 instructor pilot, leading cross-functional teams in both peacetime and combat for more than a decade before transitioning to the corporate arena. Before Edward Jones, he held positions with GE, McKinsey & Company and JPMorgan.

"As AssetMark continues its evolution into a full-service wealth management platform, Josh's unique experience will add significant depth and value to our strategic planning process," Natalie Wolfsen, CEO of AssetMark, said in a statement. "His accomplishments are driven by his passion for challenge and his commitment to making a difference, which aligns strongly with our mission and values."