Massachusetts Mutual Life Insurance Company (MassMutual) announced on Monday it has entered into a definitive agreement with Stone Ridge Asset Management, an asset manager, to acquire Flourish, a fintech platform for RIAs.
According to the duo, Flourish provides digitally enabled products and services to RIAs through various modules, including an established cash management offering, Flourish Cash. Flourish Cash is offered through Stone Ridge Securities LLC, Stone Ridge’s registered broker-dealer, which MassMutual will acquire pending regulatory approval.
“Today, Flourish services more than 350 RIAs representing more than $600 billion of AUM and is well positioned to seamlessly deliver additional, valuable services to RIAs and their clients. After the acquisition, Flourish will continue to serve RIAs, operating independently from MassMutual’s existing insurance and wealth management business. The team will focus on delivering the same industry-leading user experience it is known for, while leveraging MassMutual’s expertise and resources to expand the product offering and drive expansion.”
Speaking about the acquisition, Gareth Ross, MassMutual Head of Enterprise Technology and Experience, stated:
“MassMutual is focused on providing a simplified, digital, customer-centric user experience, and Flourish will help accelerate that strategy, ultimately supporting our vision of providing financial well-being for all Americans. We are thrilled to have the exceptionally talented team from Flourish join MassMutual and add their digital expertise and track record of innovation to our efforts, and we look forward to delivering exciting new Flourish modules to advisors in the coming months.”
MassMutual then added that Flourish will expand its existing product suite and strengthen the company’s ability to deliver digitally enabled holistic financial planning while complementing its efforts to provide the best technology to its advisors and clients and deliver a seamless digital experience. The financial terms of the transaction are not being disclosed at this time.