Boulder, Colo.-based The TIFIN GROUP, a fintech holding company, announced today that it has added two new technology providers to its portfolio, including the risk profiling firm Totum Risk.
The acquisitions also include a personal financial planning offering, myFinancialAnswers.
Additional details of the acquisition were not announced.
"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," said Vinay Nair chairman and CEO of The TIFIN Group, in released comments. "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 personalization based on an individual's risk profile and financial situation.”
TIFIN said in its announcement that each of these acquisitions are intended to accelerate the launch of its own risk and financial planning solutions. Larry Shumbres, Totum Risk CEO, and Ben Pitts, myFinancialAnswers CEO, will join TIFIN group and participate in both projects.
TIFIN’s new risk profiling launch will retain the Totum Risk brand, but it will use an unannounced new brand for its financial planning offering
“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," Nair said.
In his released comments, Shumbres alluded to Totum both remaining as a standalone risk profiling tool and becoming an offering accessible through some of TIFIN’s other portfolio companies.
Pitts, on the other hand, referred to TIFIN’s success shepherding another fintech through the development, launch and liquidity cycle, 55ip, a tax-optimized investment tool to more easily move investors into and between model portfolios. 55ip was successfully sold to J.P. Morgan in December 2020.
Nair, a Wharton School professor and visiting professor at MIT, founded 55ip and became a special advisor and consultant to J.P. Morgan in that transaction.