Welcome everybody and thank you for joining us for this Red Tail Partner Spotlight session. My name is Rick Williamson and with us today we have and I want to make sure that I use my tools right with us. Today we have Ben Crookshank, and I'm pronouncing that correctly, right. Crookshank. Nailed it, nailed it. Thank you, man. Obviously, I am not Jacqueline Anderson. I am filling in for her. My name is Rick Williamson. I am the Director of Training for Redtail Technology. And before we get started. On our little journey here today, I wanna I always like to point out a few important safety tips for those who are joining the webinar live. First and foremost in the live webinar on the on 24 platform you have the ability to drag things around to expand the the viewing pane so you can make that larger if you'd like. You can make that video larger, you can make it look larger. That's one of my important things as a glasses where. I always like making sure that that picture is nice and big. 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We are going to make sure that everybody is going to get an e-mail with a link to be able to rewatch this at, you know, at your leisure whenever is good for you. But again, you know, Ben, I want to thank you for being here today, man. I really appreciate it. I love being able to introduce, you know, new integration partners to all of the, you know, Redtail users that we have out there to anybody who's interested. I'm a big knowledge guy and being able to show people all of these different offerings. I think it's just a huge increase in knowledge because we're all, you know, the the the idea of money management, the idea of you know, looking for and accessing and signing up for financial products, working, withheld the way cash, you know those types of things. This is not a new idea per se, but the things that are coming out that are new are the tools that are available to help, you know, financial professionals be able to do this type of thing so. This is sort of our agenda today. This is sort of what we are going to be covering. We're going to be covering exactly you know the benefits of of looking at that held the way cash and addressing held the way cash. We're going to talk about Flourish cash 101, get into a little bit of the detail on how the integration works between Redtail CRM and Flourish. Then obviously go through any questions that come in during the presentation and then wrap it up with key takeaways and next steps. So we should have a pretty good, pretty good conversation. Ben, I'm going to throw it to you, my friend. I'm going to make sure that we have that nice flourish slide up and kind of give you the floor. But more importantly than anything, like I want to tee you up properly. Tell us, you know, tell me who you are. Tell me how you got to where you are right now And you know we'll lead into that and use that as a lead into the conversation about Flourish. Sure. Rick, thank you for the time for folks live. Thank you for the time for folks watching this as a recording and the. Weeks, months, maybe even years following. Thanks for the time. Really, really appreciate you taking the time to learn about Flourish and and take a few minutes out of your afternoon to hear me speak. My name is Ben Crochenk, I am President here at Flourish. I oversee all of our client facing activity, sales, marketing, relationship management, partnerships, things in that category and have been with the team about five years telling people about held away cash and then a few more products besides. So really excited to have an integration in place with Redtail and. Have a chance to educate your community on what it is that we're all about. So that'll dive right in. Start with just a minute or two of high level context on Flourish before we get into Flourish cash and the kind of the mission, the value that that really drives us. Our philosophy is that RI A's are being pushed to deliver holistic advice. So as an advisor, you're being asked to advise on everything. We have pretty limited ability to help clients execute on anything that is outside of investment management really. If it doesn't live at schwab.com or Fidelity, it is hard for you as an advisor to help your client execute. And our philosophy is that there are huge parts of your client's financial lives, specifically in the world of banking and the world of insurance, that are really hard for RI A's to engage with. Our mission here at Flourish is to provide RE A's with innovative access to financial products. That they can't easily access that. Really think about that very simplistic pie chart here on the right, but bring new parts of your clients financial advisors. Bring that into the orbit of financial advisors. Make it accessible to the RA community so you can ultimately both deliver the best advice possible and then actually help your clients execute on the way to achieving their goals. We've been at this for a little while. While we do not have you know we are not a consumer facing brand. So mostly only you know folks would know about us in the RA community. We do work with over 550 RA A's today and two things are true. We are a sixty person financial technology startup very heavily engineering and technology base also the wholly owned by mass mutual and and if there are questions happy to talk more about that relationship but when you're dealing with something like cash the safest asset of all. It helps give our Rea partners a little bit of comfort knowing that we are backed by one of the largest and most financially stable companies in the entire world. Our main, our flagship product Flourish Cash was founded in 2018, managed actually as of today just north of $2.5 billion in assets, so have quite a lot of exposure and scale across the Rea community. We started Flourish Cash based on a pretty simple observation, which is this. R A's have historically ignored held away cash. And when I say held away cash, I mean the cash that is sitting in checking and savings accounts today, the cash that is often held away from the financial advisor. Now we've been doing this again for a while and and I've got countless advisors. How much cash do your clients actually hold and typically get numbers like 1% or 2% by which advisors mean the one or 2% of client? You know, portfolio assets held in cash, whether it's in a money market fund or treasuries or otherwise, usually for liquidity and billing model reasons. So there might be 1 to 2% at Schwab or Fidelity TD Ameritrade, and that's often the cash that advisors think of first and foremost. What's interesting though is when you survey high net worth investors directly, survey affluent Americans directly and ask them how much cash do you hold? You get numbers like 20% of net worth, 20%. And if the advisor is managing a percent or two in the portfolio, by definition that means there are vast amounts, vast sums sitting outside of your orbit, often in a checking and savings account held away out of sight, out of mind of the financial advisor. Now I know, I don't know if I've literally presented this slide 550 times, but probably probably close to it and a lot of advisors say that may be true in general. That is not certainly not my clients. I know my clients better. I know who holds cash and what is surprising. You know given every single RAA has told me that upon seeing this slide over five years. Now what's surprising is when we dig into our own data and we have no consumer facing offering, we work directly with R A's 550 firms just like yourselves and we find this for average Flourish cash households, let's say 1 to 2,000,000 networks. So pretty typical household for RA A's in America we find an average flourish cash household balance of $184,000. You can do the math right there. There is a lot of cash sitting outside of the orbit of financial advisors and this is even a simplistic picture. We don't necessarily get all of a client's cash. They still might have money sitting in Chase or Wells Fargo or B of A or City or whatever may be often flourish is used for the excess the the savings account, the emergency fund and we're seeing very significant amounts of cash held by your clients traditionally in checking and savings accounts that advisors haven't been able to help their clients with today. Now a lot of advisors are then very surprised by this type of number and immediate reaction is how do I get all of this over to Schwab and I I totally understand that. First, before having jumping to that conclusion, it's often important to think about what are the client use cases that would allow somebody to hold so much more in cash than their advisor things. You know that advisor fighting tooth and nail to minimize cash drag in the portfolio. What do you mean? My client has $200,000 sitting in the bank probably earning nothing. When you start to break it down though, it starts to make a little bit more sense. Catholic Americans like having money for general liquidity. I don't want to manage my checking account to the nearest $1000 to not bounce a check or like worry about paying my bills. I like to keep a little extra buffer to pay my bills, live my life. That traditional emergency fund advice particularly you know, more up and coming clients, younger, younger folks, every advisor's first recommendation. Make sure you have 36912 months of savings sitting usually in cash in the safest asset that can add up. And for more affluent clients often graduating from an emergency fund to just that sleep at night Money. The I know my advisors told me that I'm all right and there is money or, you know, money guy pros telling me there's a 99% chance I'm going to hit my financial goals. But I'm retiring next year and it would really make me feel more comfortable if I had 2-3 years of emergency funds sitting in cash in the bank. So sleep at night, money. Short term liabilities. I'm about to buy a house in six months, a year and a half. My advisor says don't invest that money. Where do I keep it? Or I've got a big tax bill coming up. Windfalls. Traditional financial advice is often when you receive a windfall, don't make any dramatic changes for a year. That money's got to sit somewhere. And as you think about businesses, particularly either a small dental practice or a nonprofit, you get into operating capital. I want to make sure I can pay my employees or make that end of your profit sharing distribution. So you start to break it down. There are a lot of reasons that people hold cash that go far beyond the investment portfolio and those are all of the reasons that clients have and that 184,000 average household balance here at Flourish. So if you're an advisor and you've built your business over the years or you're thinking of building a business, you might be asking yourself if I could, if I didn't have to worry about how do I cash before, why do I have to care about it now? And really here we break down for pretty simple reasons. The first is just the opportunity to deliver more value. When rates were zero, this didn't really matter. Our top rate today is 4.55%. If you can help a client earn 4.55% on $184,000 and maybe that money came over from Chase or Wells or city counts paying virtually nothing, you might be talking about helping your client offset half of their advisory fees for the year paying for a new vacation. Kitchen remodel, we're talking about really serious sums of money that could meaningfully help your clients achieve their goals and can make you as the advisor look like a hero with not a lot of work on your end. So that's number one. Number two, just better financial planning, particularly some of those shorter term liabilities. I'm about to buy a house, I where do I keep my emergency fund? A lot of advisors haven't had a good answer for that. It's it's just in the in the bank now you have a solution, an advisor centric solution and can really bring that into the planning conversation. #3 is investment management and #3 and four, really think about gaining visibility. If you can see your clients cash balances and there's a lot more out there than you thought, maybe that client can take a little bit more risk in the portfolio. Maybe that's a conversation you can you can open up with them over time. And the number four and wouldn't minimize it all is ability to convert cash into fee earning assets. You have to be able to see it and have a conversation about it before you can convince a. Client to bring the money over into the portfolio and again a lot of advisors say, but I've got money market funds at Schwab or Fidelity are are aren't I good here. The reality is that clients like holding cash, they've got psychological reasons, they like holding cash, they've they've held this cash maybe for the past 10 years that they've worked for you. And so before you have open up a conversation of hey, can we get this in the portfolio comes visibility comes delivering value, comes talking about how it fits into the financial plan, having solutions and then as that conversation opens up, think about it as an acid gathering tool. And ultimately, can you add more into the portfolio here? I love that. The problem with all of this, yeah, I love that point and and I apologize for interrupting, but like you know, you brought up the psychological nature of it. They the hell the way cash is emotional and that's a hard barrier to break. And that's why I think a lot of people would say like oh, I know, you know my clients. I know what they have held the way. They don't because that emotional barrier is a very difficult thing to break. So I really love this particular topic and I apologize for breaking your flow, but I just wanted to throw in my 2 cents there. It's a chance to grab a coffee so or sip of my coffee so I I'll take it and there you go that that last one is hard, is sometimes hard for advisors to sit with and and I will pick on my mom as the example here. My mom has a financial advisor. My mom is a pretty typical client of a financial advisor and my mom has literally said to me. Oh, I I trust my advisor. I trust her with everything. But of course I keep a couple 100 grand in cash in the bank earning nothing like that. She doesn't see it, you know, She doesn't even see. And my mom has referred to her the money that her advisor manages as James money versus my money. And she means the money she has literally sitting in her checking account. I'm like, mom, what are you talking about? It is all your money. Literally it is all your your money. She like no no, no that that's James money and this is this is this is my money over here and she gets in a weird psychological places about the portfolio generate capital gains and I need to pay that out of my money and and you realize that those psychological barriers run really really really deep and so for advisor to just say out of nowhere hey rates are high let's move it all into the portfolio give it to me a Schwab at Fidelity that's. That's maybe a tougher pill to swallow than you might imagine versus starting that conversation around value, delivering value financial planning goals and then opening up conversations over time and starting to break down that My Money, My advisors money barrier that is so real for a lot of clients and pretty hard for advisor to sit with given everything else that you're trusted with. So that's the the personal anecdote that that it flows into the flourish cash story. I love it. The problem for my mom's advisor, the problem for most advisors is they haven't had good solutions, help withheld away cash, it is really portfolio or nothing and all of that. All this background is really why we built flourish cash. Going to talk about Flourish cash in two different kind of two different sides of this product. 1st I'm going to spend a couple minutes talking about what it is for your clients. Then I'm going to spend a couple of minutes talking about what it is for you as an advisor. So first that client side, then the advisor side, this will all lead into then how does this actually play together with Redtail as well as Orion and other integrations that that we have. So we'll first explain the client product, then the advisory product and get into the integrations as move along. The simple story for clients is they'll basically think about this as an online Hydra savings account. It is not literally that I will explain what it is, but if you're looking for a mental model, you're looking for an analogy and you're familiar with Ally or Cap One or Marcus or any of the well known prominent American Express online savings accounts, just replace that with Flourish. And that's how most clients will think of it. Although again what really makes us different is an advisor centric solution. So back in onto it for clients. Clients earn a very competitive rate on their cash. Our top rate today is 4.55%. For folks watching this presentation in three months or six months, I have no idea where interest rates are going to go. It is May 16th, 2023, check flourish.com for updated rates. We are certainly nearing what seems like the top of a rate cycle and rates have really accelerated upwards dramatically driving a lot of interest solution clients earned the top rate on their very first dollar, so they earn 4.55% on the 1st $500,000 in an individual or business account. And 1st, $500 million in a joint account, any dollar after that earns 4.25% APY. So still a very competitive rate and rates tend to move and fluctuate just like a savings account roughly alongside actions of the Fed. So first it is earns a competitive rate, second it is FDIC insured and here's where we get into what flourish cash is behind the scenes. We're a cash suite program. We allocate funds across a number of different underlying program banks. And the very next slide will explain this in a lot more detail. But because we work with multiple program banks, we can offer clients significantly more FDIC insurance coverage than a single bank account today. That's $1.5 million FDIC insured for an individual account, $3,000,000 for a joint account and $1.5 million for a business account. Now one thing I want to stress right here is it is great that we provide millions of dollars of FDIC coverage and for that client that just sold a business and is sitting on. A couple $1,000,000 in cash Flourish cash can be a really phenomenal solution. But at the same time don't let the big numbers fool you. We have ton thousands of clients who have $25,000 in Flourish and are just really happy to earn a competitive rate on their you know 10, twenty $50,000 in savings. So really see ourselves playing extremely well with any client with let's call it 0 to a million or two in cash That is really going to be our sweet spot. Those two numbers are really important, but ease of use, I would say is really the third leg of the stool. If it's rate FDIC, insurance and then ease of use, it has to be simple for clients and we think we really delivered here. We are a very technology driven solution. It takes our average clients a few minutes to sign up online, fully digital. There is 0 minimum whatsoever. There are zero account fees whatsoever, unlimited transfers in and out. We'll talk about that a little bit more in a few minutes, but very easy to get money in and out. And support for individual joint revocable trust and all type of businesses, so providing support for a lot of the account registrations that are important to you as a financial advisor. So again like a savings account is how clients will think of it earns a great rate. FDIC insured up to increase amounts and just dead simple to use is ultimately how clients should be thinking about flourish going behind the scenes a little bit. How does this really work? Well, it first starts with an invitation from a financial advisor and we'll get into that in a couple of slides. But I might. Or maybe Rick gets an invitation saying your advisor Ben at Capital Wealth has invited you to flourish, click here. Rick signs up online, takes a couple of minutes. That Flourish Cash account gets opened. And from there Rick is going to connect that checking that, you know, the Flourish Cash account to existing bank account, maybe an existing checking account, move money back and forth. And that way, we're not asking clients to change anything about their primary checking behavior. Keep banking at you're in Phoenix and maybe Wells Fargo. Keep banking there. Keep living your financial lives, paying your bills. Move everything over to flourish. Whenever you know it's that money that you don't need literally today or tomorrow and you want to earn a more competitive rate on behind the scenes, that's where the program gets more interesting. We automatically allocate any dollar deposited Flourish cash to the FDIC member banks that we work with and these are the exact banks that we work with today. The key is that this happens completely automatically. We are very transparent about how the program works. It is very clearly stated everywhere that we work through program banks are every monthly statement unless the exact banks that your funds are are sitting at, but from the client perspective they really just interact with Flourish. They receive a single 1099 from flourish single source of customer service, a single login at flourish.com. I think by and large most clients will think of it like a single online savings account that just so happens to allocate money across a number of underlying program banks on the back end. One little benefit for advisors but always worth we're stressing is banks don't see these deposits. That's true of our program banks. That is also true of the banks that your clients money is coming out of. And virtually all of our money is coming from banks for a lot of advisors they do think about bankers as one of the longer term competitive threats, you know working with their clients and big part of their financial advisors is a way to take money away from the banker visibility, have clients deposited in RIA centric tool and really centralize that relationship with you their financial advisor. So again real the key, the key here is really we deposit funds with these banks, they pay competitive rate back in the program client. Is essentially doesn't see any of it. The final thing I'd I'd stress here for folks who might be wondering or or or curious, why are what's in it for the banks? Well, if you're a bank, you need to keep a certain amount of deposits on the books to support your loan activities. And if you want to go write more mortgages at 7% or auto loans at 9 percent or you know credit cards at 1516 seventeen, 18%, you need to go attract deposits. And as a bank you're going to think about one of two paths. Do I go spend money on marketing, customer service, brick and mortar retail all and pay a competitive rate to attract the deposit myself? It is very expensive for banks to attract and retain deposits or by work with someone like Flourish pay a very competitive rate to flourish. But in exchange, I might pick up $100 million overnight. And so that helps conceptualize what is really in it and interesting for the banks and why that program that we built works so well. We're really offering this through advisors offering these banks. Access to deposits from African Americans across the country, a very diversified, very stable way can be a really good job, really good deal for the underlying bank that we work with. All that being said, again, the incline perspective is often none the wiser. Move money over to flourish, earn a competitive rate, keep it FDIC insured, keep it simple. Final thing to cover on the client side before we move over to the advisory side of the equation is we've worked really hard. To make it really easy to move money out of floor into and out of flourish cash accounts, and I won't belabor all of this, but I think it's really important as you think about a savings account solution for your clients to understand that it is going to be easy for your clients to get money in or money out. So break that down. There are transfers that we initiate. Most of our transfers are a CHI. Any transfer I submit before 5:30 Eastern on a business day, the money's going to move the very next day. That's 99% of our transfers right there. But I can also withdraw money via same day wire. I can set up normal recurring transfers, you know, move $1000 every Friday or or something of that sort. And we even have an automated smart balance feeder that allows clients to maintain a target balance in their check out. So again, picking on picking on Rick, let's pretend he banks at Wells Fargo and he's tired of earning well, probably negative interest at Wells Fargo with all the account fees that they get loaded with Flourish gives the opportunity for Rick to say, you know what, I want to keep $25,000 in Wells, pay my bills, live my life. Anything above that, move that to Flourish. If I go below that number, also replenish my Wells account. It's not an overdraft protection feature, but this automated nice every two week cycle keeping clients at their target balance in their primary checking account. Really nice optional set it, forget it feature. So those are transfers that we initiate on flourish.com. At the same time, every Flourish Cash account has an account number and a routing number. Allows for externally initiated transfers and the big one here is standing instructions. In this way, Flourish is no different from any other bank account you your client already works with. Today you can grab the account number, grab the routing number and set up Schwab Money Link or Fidelity, Standing Instructions, Purgings form, you name it. That allows you, without ever taking custody of the Flourish Cash account, to push money from, let's say Schwab to flourish. Or pull money from Flourish to Schwab and really build Flourish into part of your operational DNA of your firm. It also opens up things like finding setting up bill pay, want to pay my mortgage on my flourish cash count, direct deposit, maybe a paycheck or Social Security payment and then finally wire deposits I just closed on the House. I want that money to to sit and flourish cash. So this is the final piece of the client experience. Just want to stress savings account like products, competitive rate, FDIC insured and really simple both from that set up and. You know, ease of use and then just literally down to how easy it is for clients to get money in and out. Don't disrupt what they're doing from a primary checking perspective to make it really easy for them to earn the competitive rate on their excess savings. With all that said, we'll transition over and chat for a couple minutes about what this is for financial advisors before we wrap things up. So now you've got a good sense of what it is for, for clients and hopefully from those first few slides, a sense of why bother with cash at all. How we gone ahead and made this very advisor centric and there's only a couple things I'll I'll highlight here. The 1st is this is an invitation only product. We have no direct to consumer offering. You cannot go to flourish.com and sign up for an account. You have to be invited by a financial advisor that we have a relationship with. But one nice thing is available to both clients and to prospects. And so you can think about positioning. This is an exclusive benefit because you work with me. That capital wealth, you have access to these exclusive new tools such as flourish Cash. Both that existing client list and to those clients you've been trying to win for weeks or months or or years, you have one way to deliver them a little bit of value without actually advisory relationship building. On top of that, you can brand flourish with your logo and if you turn your attention to the iPad to the right, you see Flourish sitting side by side with a very creatively named RAA called Capital Wealth. I named that one myself. It This is what we call a Co branding presentation and sits across everything we do. This isn't a branding that just shows up on a statement, nowhere else. This is the entire website, emails, custom print materials that we put together for for RE A's that your logo will flow through. And you have a couple options here. You can just feature the flourish logo, feature two logos side by side like this Co branding or just feature your logo alone. It is all the same to us. And then what I want you to do mentally is put that together with #1. You get to tell your clients or tell your prospects. You know, we're always looking for ways for you to help reach your financial goals. Here's this solution, Flourish. I'm going to send you an invite and then no is that client or that prospect is interacting with Flourish. It's always going to carry your logo across the top, really reinforcing your brand, not the brand of Ally or Marcus. Entities that some ways are really competitive to Ras that are reinforcing your brand, keeping you top of mind front and center in another really big part of your client's financial lives. You'll have access to a very lightweight advisor dashboard. If you think about the custodial dashboard on a Schwab maybe divided by 10,000 times, in terms of complexity, you probably are thinking the right place in terms of flourish. There's not a lot you're going to have to do there, but log in to send an invite, number one, as well as view your existing clients and here you're going to be able to view balances statements. 1090 nines access documents for them, things of that sort. Really nice way. Again, thinking about that visibility angle of I've invited 50 clients to flourish maybe once a month. I make a practice of looking at the dashboard and seeing who has a lot of money. Sitting in cash might be an interesting person to have a conversation with. Also on that dashboard you're going to find all the information you need to set up standing instructions. So this is one way where Flourish is even easier than working with your clients, normal bank accounts normally there's, I'm sure you're aware, a whole process where either you or your OPS team have to chase clients and ask them for a, you know, avoided check or a statement or something like that. We actually just publish everything you did on the advisor dashboard to fill out that paperwork like Schwab money link, get that signed by the client and then set up that ability to push money from existing brokerage accounts to and from Flourish. And then very finally on the slide, we have a number of direct advisor integrations or or connections with Tamarack, Orion E Money and Redtail, which is the integration that we are very excited to be talking about today. In general, our goal is to get money into or is to get data into all of the systems that you use and really take something that. You know, because it doesn't live on Schwab. We know we have to make it easy. And one of the ways we do that is by pulling Flourish into and through your existing, you know, existing systems, leverage data you already have in your clients. And then really that's what an example of the Redtail integration is all about you. If there's a company you'd love to see us integrated with that's on this list, reach out. We have a, a, a long list of integrations planned for the next couple of years. With all that said, want to take a dive, deep dive into Redtail very, very specifically. And before I get into the Redtail integration, which is brand new in the last month, want to set one other thing up? We haven't gone through. In this presentation, which is as an advisor, you have the ability to either just type in your client's name and e-mail address and click invite and you're done. Rick got an invite a moment later, or you can prefill all of your client information. You can type in their name, their address, their Social Security number, you know, their citizenship, gender, all of the information that they would need to fill out their Flourish application. And quite a lot of our advisors have been doing this for years. It's something like 30% of our applications have gone out and I am somewhat ashamed to say by a very manual job of advisors actually type in that information because we know you as advisors love to take work off of your clients hands. There's something very special about a client even with the system as easy as flourish just getting to those first couple of pages where they have to submit their information saying, oh, my advisor already filled this out for me, but again somewhat embarrassingly. For most advisors that was literally meant probably copying it in from their existing CRM, typing in the information little more manual, little more error prone, cause some issues and certainly I would not say tightly coupled with the advisor ecosystem. And So what we built out with Redtail here is pretty simple. Step one is that Advisors can connect their Flourish accounts to their Red Tail accounts from within flourish.com. They'll just navigate to the settings page of their account. You have a little screenshot here to the right. Connect in Redtail past your normal Redtail authentication and we will sync in all of your Redtail contact information that allows #1 the ability to send invites from your existing Redtail contacts. So here on that screenshot to the right, this advisor is 254 contacts. Easy to search for a specific client. Click select, select, select Send invites off. Now gets that down into a few seconds for advisors who who who want to use that functionality. We're really shines though is the next step of this process. Which is that after you select a client, you have that prefill application experience using Redtail data. So no copying information back and forth across systems, just as simple as sync. In the Redtail contact, Click to invite and then we're going to pull over everything we possibly can show it to you, you know, here's all the information we are able to successfully pull from CRM on this specific line and still give you that last ability to to review, modify information as needed, and then click and send. And again delivering that really white glove experience to end clients where they see that application was partly filled out. Here have just a single quote from our early days of this integration from an advisor saying we're very pleased with our Redtail. Data is used within Flourish, integration is extremely easy to use, having data easily accessible whenever necessary is ideal for our firm and ultimately through and through that is what we are trying to do here at Flourish. With that, I think I have a single slide remaining and then it looks like there are a couple of questions in the list that we will rip through all at the end. Here you are, right. So final, final note here. Yeah, absolutely. Final note here. We make it really easy for RE A's to get started with Flourish. To illustrate with that, that looks like here it's really just a couple of steps. Firms first sign up with Flourish #1. That's just a simple sign up form. We don't have any formal contract. It's more like accessing, accepting some terms and conditions, telling us what you want to do with your branding, your logo, things like that. Who might have a brief kickoff process where we're going to ask you some questions about the branding and what users to create, what integrations you want to enable, things of that sort. From there, recommend doing some advisor training. Make sure anybody using the system is well aware of how to use flourish. I'll say we tailor this based on your firm size, in particular really small firm, where it's the same person wearing a lot of different hats. It might be a single 30 minute call to walk you through the dashboard and get you off the races for a large firm. We're definitely going to customize this and say do we want to do one thing for your operations, one thing for your client service team, one thing for your lead advisors. Ultimately through and through it's going to be pretty simple, easy and digestible. And then finally from there we launch by which we mean we send out invites to your advisory accounts. We've set up this box for capital wealth, we've created some advisors, we've added some logos. From there you get your own you know user credentials to to flourish. And you're off to the races and what I will say is vast majority advisors, the first thing they do is is invite themselves to their Gmail or their Yahoo or their Hotmail whatever might be. You can then see the advisor experience through that, you know capital wealth box which just built see the end client experience kicking 100 bucks, 1000 bucks, there's no minimum. Make sure you're comfortable with how it works and looks and feels and then as you are ready you can go then you know go ahead from there and start inviting clients 1 by 1. But we're also doing things like enabling integrations that maybe made sense to set up across or after launch. Ultimately, it's pretty darn quick and easy to get started. Our typical firm moves through this in two weeks. We have firms that have launched in two days. We have firms certainly that have launched in a couple months more more than this depending on how complex are things. We're very good at tailoring that onboarding process of firms depending on your complexity. But ultimately our goal is to get. To write invites into the hands of your financial advisors that they can invite themselves and then invite clients and start those client by client conversations as they get going all throughout. Don't have it here on the slide. We're going to be providing custom branded materials that she needs, guides, training materials, you name, it said it's really easy for you as an advisor to talk to your clients about flourish. That wraps up my presentation, so we can now turn over to Q&A. It looks like there's a couple of questions in there and we'll just start at the top and work their way down. For anybody on this call, please feel free to drop in as many questions as you'd like. And I'm done a decent job on clock management, so I've got some time to to answer anything that's on folks. If you're interested in getting started before we move on to questions, just reach out to this e-mail or. Reach out to us at flourish.com and I think Rick is gonna be dropping a link to a Contact us page on our website and we can go from there. Yes, we will. We will definitely wrap up with some of those actionable items that people can act on. Flag for better word afterwards. Ben, thank you so much, man. That was a great presentation. I know we do a lot of these partner spotlights, things like that and we get a variety of different people who are able to talk. In a variety of of different eloquencies on what they offer. But I was really into everything that you said and and again going back to like that emotional tie that people have to that held away cash, like it's very, very true people, you know they'll have $100,000 in savings and then they'll suddenly be faced with an emergency and they won't even think about taking that money out of their savings. They'll they'll be like no, no, no, no, we have that held like they'll. Refinance their mortgage or something before they even touch like that's how emotionally tied in they are to this, to this money sometimes. So I do think that this is a really good opportunity for for planners, for advisors, for anybody who is managing money with their clients to start bridging that gap. You know, it's a great tool for that. There are a couple of questions that came through here, some of which I can answer and some of which I'll tee up for you. The first is do I need to pay anything to set up the integration beyond what you're paying for Redtail and Flourish? No. Obviously those two services are going to cost whatever they cost, but the ability to connect them is going to be free. It does not cost anything to, to tie these two things together. So I always like mentioning that Ben, you mentioned some Rick, if I can, Rick if I can just add on. There's no, there's no cost actually whatsoever for using Flourish. The way we make money is the way all cash free programs make money, which is we are in a spread on, you know, the banks basically pay us to spread directly, which is above what we pay down clients. So Incline earns 4.55%. Today we're taking something additional to that from the banks directly, but that 4.55 net rate is completely net to your clients. That is how we were able to offer it really at no direct cost to advisors or to inclines whatsoever allows us to offer zero minimums and and things of that sort. That is also going to be true of you know what Rick said of any integration we have, we're not charging for anything. So whether it's Orion or or or Tamarack or Money got you know E money, whatever might be just whatever your normal contract is with those folks. Nothing additional from flourish ever absolutely. And I imagine a question came in that kind of feeds right into that which is like. Covering the fees, again what the client pays, what the advisor pays, you kind of covered that, but I wanted to make sure that you if there was anything else to throw in about those fees that we took the opportunity to do so. Sure. Yeah, advisors and clients pay nothing is the simplest, simplest story. I will give it a little bit more color to keep any compliance folks here happy. So the way a cash free program works and this is true of your cash free programs at Schwab, at Fidelity, at TD Ameritrade. Virtually every single major broker dealer out there has a cash fee program of their own is there's a gross rate and that is what the banks are paying in the program and then there's the net rate that the client is actually earning. The difference between those two things is a spread earned by the cash fee provider for running the program. And so effectively you can just shorthanded by saying the client is earning 455 in our world. We are in a spread above that from the banks directly, which ties to the growth rate that we are negotiating with the banks. That is our fee for running the program. By nature of having that structure, there are then zero direct fees for advisors. There are zero direct fees for clients whatsoever. The only asterisk I'll throw on there for folks really, really paying attention details, we charge a $15 wire withdrawal fee for folks who want a same day wire withdrawal. What I have to stress is that is .01% of our transfers. Overwhelming number of transfers is a Ch in and out standing instruction in and out from the existing custodian, maybe in a wire deposit in no fees for any of those things. It is just if you want a wire withdrawal beyond that no account fees, no transfer fees, no fees for advisors, no fees for REA's, no minimums. Keep it really simple there. So hopefully that is helpful and simple enough for all you absolutely man. Now that covers it. Great. Now can you I mean you mentioned. A handful of those integrations before and I know the question came in before you listed them up, but I think it was be it would be more worth mentioning what Flourish currently integrates with. I know there was a question about if they integrate with that Black Diamond, if you integrate with Black Diamond or if there are plans to do so. So I'll let you, I'll kind of like give you the opportunity to reiterate those integrations once more. Yeah, that was the slide I was looking for. There you go, Sure. So the integrations we have available today Tamarack and Orion. And these are kind of what you would expect. We are pushing you know balances, account information, transaction information over those systems up to you on either the Tamarack and the Orion end what you want to do with the data. But generally advisors aren't charging on flourish cash assets. They just like represented on client statements, they might tag it on their end today below the line non advisory, non you know non fee asset but included in that client statement or client portal. Depending on how you use those systems, E money we have a direct advisor connection, so no advisor, no client is typing in usernames and passwords and advisor is able to set up that connection and then basically pull in flourish cash balances and attach them to E money profiles that clients see it as part of the financial plan. Redtail obviously we went over in some degree of detail here is really about that ability to pull Redtail information into Flourish to enrich applications and make it even easier to invite clients. Those are the four main integrations we have today. Next on the list is our friends over at Black Diamond. We actually have a Black Diamond integration. It currently requires wet signature by end clients, which per our friends over Black Diamond is a requirement in their system today for any. Nondiscretionary account you want to pull over into Black Diamond. And so for firms who are interested in exploring that, happy to send you an integration guide that we have available. We'll walk through what the steps are. But basically you need to have clients sign something you know before you can pull Flourish Cash Balances into Black Diamond. That one is available. We're just marking, not marking it. While we still work with the Black Diamond folks to continue to refine that one going forward, I will broadly say we would like to integrate with. All the major RIA integration pairs that are that are out there. So names that are top of our mind are certainly give out right capital building a direct Salesforce integration at a par. Those are probably a few of the next view on our on our hit list. But I will always say if you're interested is that integrations are a twoway St. it takes resources from flourish, it takes resources from the technology company whether it is. Redtail in this example or you know at a Par Salesforce, you name it. And So what I always encourage firms to do is that there's an integration you'd like to see whether it is a net new one like one of those ones I just rattled off or even it's an improvement to an existing integration. Please e-mail both providers, e-mail Flourish and e-mail at a par and say it's really important that you build out this integration or e-mail both Flourish and Redtail. It is really important that you enhance integration in XYZY. That really helps both sides prioritize the integration at the same time. That's a little bit about current integrations integration roadmap and how to affect change because you know we all want to integrate everything all the time and yet engineering resources are limited. So house really, really helps at your voice. They are very much so and and and again forgive me there was a question about the Redtail integration I believe right now and correct me if I'm wrong because it happens frequently the way that that integration works is is it allows you from within flourish. To obviously connect to Redtail, search through all of your Redtail contacts, select them, use their existing contact information to fill out that application. So as you said, not only are you know Office is going to be saving their client's time by filling out all of this information for them, but the goal of the integration is to now save the office's time without, you know, having to, you know, manually entering all this information. But it is it is one at a time, right? There is not a group. Application process as of yet, am I correct in that Ben, That is correct. Now the Redtail, I know the screenshot's a little small. The Redtail integration we have could make it really easy for an advisor to send off a number of a number of applications at once. So if you see in the screenshot, you could go select, select, select, select and invite them all at once. That is makes it would bring down the invitation time to a couple seconds. We also in a non Redtail manner. We do have actually support for something we call bulk. In bulk invitations would allow an advisor to upload a spreadsheet to us and invite a bunch of clients at one time. As long as you know what a CSV is and can change some headers I'm sure you can pull a report out of Redtail, upload it to our system and invite 50 or 100 clients at once. I will say with all of that as you get more automated bulk we have certainly found that nothing replaces. One-on-one advisor conversations with clients. I.e. Really it is ultimately important for an advisor say you know, I thought of you and thought Flourish cash would be a good fit. And here's why. We certainly have had firms do things like this, write about, Flourish in a newsletter of theirs. Send all of their clients invitation and then in the next quarterly meeting to say hey I sent you an invitation that flourish thing. Do you want me to resend that invite if you have any questions And we have definitely seen firms who again I don't want to ever say it completely replaces the one-on-one client conversation. We've had firms who have had much much much more efficient you know roll out process with their clients. I give all that to say we are also always here to be you know to to help you. We love talking to firms about rolling out. Flourish we absolutely love talking about. We just published an article literally today or maybe it's yesterday, seven steps to a successful roll out and includes things like engaging your marketing team, setting up your integration, so on and so forth. And so would love to talk to you about the options. If you're interested in finding more bulk, we can definitely talk about how we can facilitate that today, maybe how you can enrich that using red Tail data have our team help and then really down to the nuts and bolts of. You know that, that newsletter, the hosted landing page on your website, yadda yadda, we're always looking at advisors help reach clients in the best way possible. Definitely, definitely. There was a question about Redtail specifically that I believe I'm able to answer, which is if there was a DST Vision integration into Redtail. My understanding is that there's not just just briefly, unless something has changed over the last few years, which I mean, you know, the last few years have been weird for all of us. But no, as far as I know, there's not an integration built between DST Vision and Redtail. Ben, I will give you one last, you know, I'll give you the last question if you will, kind of A2 parter. I mean obviously you've been talking about how Flourish differs from other cast management solutions. It's kind of the purpose of this entire presentation. But if you could wrap it up, you know what is that big difference and then again, how to open a Flourish account. I think those will be the last questions that we have. Wonderful. So how does Flourish cash differ from what else is out there? In some ways we have almost no competitors. In other ways every single bank in America is a competitor, every single money market fund is a competitor. And so in some ways there's there's infinite options there to to compare. Let me break the world down into a couple of different options and and give you the lay of the land on each first in the advisor world. There are, I will veer transparently there are two other companies, something pretty similar to what we do. You'll be able to find those easily enough. I would really differentiate if you're familiar with really Max, my entrance stone cast is the two companies in the space. Both great companies, both have their own strengths and and weakness in areas of opportunity. What I will say if you're familiar with either of them is probably two things. Number one, with flourish clients only open a single flourish cache. In certain other systems, clients actually wind up with a number of different bank accounts open could be 6, could be 8 different bank accounts that statements 1090 nines, customer service connections breaking issues, things of that sort. And so #1 having the ability to open, have clients open a single flourish cash account is we believe incredibly important ultimately. Getting clients off 0, getting clients to take any action is one of the hardest things for you as financial advisors and we've just learned through and through. You have to keep it dead simple and that is one of the areas that we really excel, beautiful streamline, easy account opening, invitation process, seamless integrations and ultimately clients with a single open account. That's piece number one. Piece #2 is which building off that in a lot of ways is we are a tech forward retail like solution. And that's really important. I actually came from Betterment. I came from a robo advisor. I have a I have a pretty good sense of what the best and breed fintech looks like. And that's your betterment, Your wealth front, your Robin Hood, your sofa, you name it. I will stack our user experience against any of those companies any day of the week. Truly, it will be a couple of minutes, beautiful digital experience online for your clients to get accounts opened. And on our end, we are architected in a very technology first way. We could drop 1000 new clients in our funnel tomorrow and we wouldn't win. We are just built for technology, built for scale and a very retail like distribution focus if you will. Now when I say retail, I I mentioned this is one of my first slides, we work really well with anybody with $0.00 in cash, up to a million or two or $3,000,000 in cash. So we're still often thinking about affluent Americans, the types of folks who work with financial advisors, but you've got a client out there with. $10,000 in cash or $1,000,000 in cash, we're going to be a great home for them. There are other advisor centric solutions that are much more geared at big institutions. I've got a business with $50 million in cash. There are programs out there that will be better for them keep that money FDIC insured across hundreds of different banks and that's really that specialty. Whereas us that tech driven ease of use allowing you to invite clients zero to 1,000,000, zero to 2,000,000, zero to 3,000,000 bucks in cash is really we're going to. We're going to be a, a, a dead fit. Now I also want to expand it and give two other parts that parts that answer there every single bank in America is potentially competitor but in this we are aligned with you advisor like we are arms locked together. And what I want you to stay with is every one of your clients is checking and savings accounts today a lot of advisors say why, why would we add another account to the mix and and what's important to recognize is your clients already have money in the bank and here you're thinking if they're working with Ally, they're marking with. Markets are working with cap one. All of those companies are trying to sell your clients other things, all those clients have advisory teams are building advisory teams or building robe advisors trying to sell your clients other things. And so getting clients off 0 that inertia is arguably the most important thing we can be doing together are dead simple ease of use and then you making sure it is part of the conversation, part of the discussion. And so one level of competitors just the money already in the bank, but again that's where we are very, very much aligned with. Financial advisors and the final piece here is what about flourish versus options in the in the portfolio and we spent a lot of time on this early on right. That emotional difference between the money I've given my advisor to hold at Schwab versus or Fidelity versus the money sitting in the bank. We are really a solution for the hell the way stuff. If you already have money sitting at Schwab and you're charging a fee on it do not send us that money. You're you're, you're good you've done you've done your job here think about flourishes addressing the assets that you are not addressing today. Maybe in your next quarterly set of meetings bring up cash management like rates are higher, we can help you. Do you want to move that money over the portfolio? Oh no, you're good. We've got this Flourish thing and we're going to you know send you an invite and then we'll still be able to hook it in through Redtail through Orion, through money included in the financial plan including the conversation. So I'd just say it is not either or it is not I do a portfolio option or I do Flourish cash. It's really thinking about what is your cash management strategy as a firm. And recognize for that hell the way stuff for that emotional stuff we're talking about client really wants the money in the bank flourish is really you know one of the only games in town for financial advisors. And then I think there was a question on again one more on how do we get started. So Rick I believe in the in the in the show notes has a link to a contact us forum we built specifically for you our our Redtail friends and reach out and happy to share more also can e-mail us can learn more at flourish.com try to make it very easy for us to. To to be reachable and get started here, awesome man. Thank you so much. And again just to you know we we kind of covered everything that we needed to cover and I appreciate everybody for sticking around for the questions. I thought they were great, great questions Ben, amazing detailed answers. Thank you Sir, really appreciate it. But again just taking this away there is a massive opportunity there with all of that held the way cash to be working with that to help your clients. Be managing that money better and now is a great time to talk about it. Flourish Cash can obviously help you do that, that direct integration. We already mentioned it before. Ben did a good job of saying like your clients love when you can save them time and we love this is kind of what we live for is saving you time. So if we can double that time saving with the integration with the with the offerings of Flourish Cash tied into the information that you're already collecting inside of Redtail. That makes life literally easier for everybody. And as Ben said, you know there are links within the platform that you are viewing this video in right now or you can go to flourish.com to get set up and you can start sending those invites right now. So again, Ben, I want to thank you for your time today. I want to thank everybody else on the call for their time today. Definitely take the opportunity to reach out, take advantage of this. Kind of. Again it's it's an unsung opportunity to be able to work with their with with your clients and that held away cash to be able to tie in and connect with them deeper emotionally because that is a lot of where this money that is a lot of why this money is being held away. So really cool opportunity and really cool tool to help you out with it. Ben, thank you again for your time. Much appreciated my friend. Absolutely thank you all for attending. It was a it was a pleasure. Awesome. Everybody, Thank you again. Have a great day. Much appreciated. _1734571062692