The Tifin Group, a holding company with nine fintech companies for the asset and the wealth management space, has acquired risk profiling firm Totum Risk and myFinancialAnswers, a personal financial planning offering.
The deals, whose financial terms have not been revealed, are part of the company’s plan to fast-track the launch of its own risk and financial planning solutions.
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The company’s new risk profiling launch will retain the Totum brand but the financial planning offering will be rebranded under a new unannounced brand.
The Tifin Group founder, chairman and CEO Vinay Nair said: “Tifin’s operating companies are building innovative fintech products to help align asset managers with wealth managers to deliver better outcomes and experiences for individuals.
“Our companies such as Magnifi, Positivly and Clout are growing their footprint and based on feedback from our partners, we have decided to add capabilities for further personalisation based on an individual’s risk profile and financial situation.
Nair added: “The assets from Totum and myFinancialAnswers will accelerate our ability to serve financial advisors and their clients on these dimensions. We are equally delighted to welcome Larry and Ben to the Tifin family.”
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By GlobalDataUnder the agreement, Totum Risk CEO Larry Shumbres and myFinancialAnswers CEO Ben Pitts will join The Tifin Group.
Shumbres said: “Totum has built unique intellectual property in assessing risk capacities for individuals based on life-events and financial conditions in addition to assessing their risk preferences that are more prone to behavioral and other biases. These can now be offered through the various TIFIN companies as well as form the basis of a new standalone offering.”
Pitts added: “This new project is very exciting and the assets built at myFinancialAnswers will help accelerate its release.”
