Envestnet/Tamarac is expanding access to cryptocurrency investments for its advisors through a partnership with Flourish Crypto, a technology company built for financial advisors, Flourish announced.
Flourish Crypto and Envestnet/Tamarac have built a direct custodial integration platform that allows Envestnet/Tamarac RIAs to incorporate Flourish Crypto data into their reporting much like any other asset, from performance to billing, in a simple and secure way, Flourish said.
“This integration helps RIAs meet a growing demand from clients to stay competitive in today’s evolving marketplace,” Dani Fava, group president for product innovation at Envestnet, said in a statement. “Our RIAs now have access to a solution to bring crypto to their existing clients, and add value to their current and next-gen clients.”
Envestnet/Tamarac also recently announced a partnership with Gemini/BITRIA, a cryptocurrency exchange and custodian of crypto assets.
“Supporting cryptocurrency investing is an imperative for RIAs. A recent survey of high-net-worth individuals found that 91% of high-net-worth individuals younger than 40 have investments in digital assets,” Ben Cruikshank, president of Flourish, said in a statement. “The next generation of investors is paying attention to digital currencies and advisors need to be thoughtful about the space in order to retain current clients and win new prospects.”
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 said.
Flourish Crypto’s integration with Envestnet/Tamarac enables RIAs to meet a growing demand from clients while ensuring that firms can manage crypto within their existing workflows and processes, Flourish said. Through Flourish Crypto, advisors can feature their own branding.