The acquisition will bolster MassMutual’s ability to offer digitally enabled holistic financial planning solutions

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Flourish to be acquired by MassMutual. (Credit: Capri23auto from Pixabay)

Massachusetts Mutual Life Insurance (MassMutual) has agreed to acquire Flourish, a fintech platform for registered investment advisers (RIAs), from Stone Ridge Asset Management.

The financial terms of the deal were not disclosed.

Flourish caters to RIAs with its digitally enabled products and services, which are offered via various modules, which include a cash management offering called Flourish Cash.

Flourish Cash is provided through Stone Ridge Securities, a registered broker-dealer owned by Stone Ridge Asset Management. MassMutual will also be acquiring Stone Ridge Securities subject to regulatory approval.

Currently, Flourish serves over 350 RIAs which have combined assets under management (AUM) of $600bn. Post-acquisition, the company will continue to cater to RIAs by operating independently from the existing insurance and wealth management business of MassMutual.

It will be leveraging the expertise and resources of the insurance company to grow its product offering and drive expansion.

Flourish will expand the existing product suite of MassMutual, while bolstering the latter’s ability to offer digitally-enabled holistic financial planning solutions.

MassMutual enterprise technology and experience head Gareth Ross said: “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.”

The deal, which is subject to receipt of necessary regulatory and other third-party approvals, is expected to be closed in Q1 2021.