Cash management accounts are coming to Envestnet | Tamarac, a client relationship management software for independent advisors. Envestnet announced it has implemented Flourish Cash, its chosen cash management solution, into Tamarac.
“Our integration with Flourish Cash furthers our mission to empower advisors to provide advice that can improve outcomes in all areas of a client’s financial life,” said Andina Anderson, executive managing director of Envestnet | Tamarac, in a statement. “We continue to enhance the Tamarac Suite so that advisors have a broad spectrum of tools to help clients achieve financial wellness.”
The white-label services allow advisors to use a cash management account for portfolios and held-away cash and to help clients with budgeting goals.
Advisors’ clients can take advantage of its tiered interest rates: 0.70% for the first $250,000 in an individual or institutional account, or the first $500,000 in a joint account. The rate decreases to 0.50% for the first $500,000 in an individual or institutional account, or $1 million in a joint account. Remaining balances receive a 0.18% yield rate.
Flourish was implemented in August as part of Envestnet’s bimonthly updates.
