Flourish, a platform that provides innovative access to financial products that help registered investment advisors (RIAs) secure their clients’ financial futures, today announced that Flourish Cash, its cash management offering, has raised its already elevated FDIC insurance coverage through its Program Banks. The increased FDIC insurance coverage will allow two-person households to be eligible to receive up to $16M in FDIC insurance through a joint account and two individual accounts. Additionally, Flourish announced that clients have received more than $100M in interest so far in 2023, a milestone underscoring the remarkable growth of the platform, with assets more than tripling over the past 12 months.

Flourish continues to expand its Program Bank network to further increase the FDIC coverage offered to clients. Through its bank relationships, Flourish Cash clients are now eligible to receive up to $4M for individual, business, and nonprofit accounts and up to $8M for joint accounts. Two-person households can open a joint account plus two individual accounts for up to $16M in coverage. This marks the company’s fourth raise in FDIC insurance coverage year-to-date, following an increase last month. The company also offers a top tier annual percentage yield (APY) interest rate of 5.00% on the first $500,000 for an individual or business account and first $1,000,000 for a joint account. 

“Cash should be every RIAs secret weapon to serve HNW clients,” said Max Lane, CEO of Flourish. “This year alone, Flourish has added 11 additional banks to our Program Bank network to further increase the FDIC coverage we are able to offer to our clients. Coupled with one of the highest interest rates in the market, Flourish Cash is a powerful tool for advisors."

Over 650 RIAs managing over $1.5 trillion in combined assets trust Flourish to bring more assets into their orbit. The Flourish platform allows advisors to feature their firm’s branding, obtain visibility into balances, statements, and tax documents—as well as access client-friendly materials, robust and customizable compliance resources, white-glove support, and more. RIAs can also incorporate their clients’ cash holdings into their core technology systems through integrations with major billing, reporting, and CRM providers.