The company aims to integrate with more and more APIs to obtain additional robust data. Larry acknowledges that they are trying to think “outside the box of ‘just FinTech’:”

“We’re thinking financial technology across the board. Not just financial advisors, but institutions, insurance companies, banks, credit unions, and companies that are looking at loans.”

Totum also intends to provide better risk assessments for credit scores. Today, a credit score is usually based on five factors. However, Larry feels that many more factors should be taken into account:

“Who are you working for? Is it a Fortune 1000 company, Fortune 100 company? How long have you been working? What field have you been working in? What’s your income? What’s your net worth? Do you have a trust fund?”

Larry thinks that these things are missed in the credit score because obtaining the information is tedious and time consuming, and credit companies are not willing to invest in the technology needed to create a more accurate credit assessment. Totum continues to expanded the number of factors accounted for in the risk-assessment algorithms.

Integrations

Totum Risk is growing their integration partnerships at a rapid rate and are integrated with Fidelity, Schwab, TD Ameritrade, and Redtail CRM. The management team is in the process of also integrating with a number of independent broker-dealers, such as LPL Financial.

“We are focusing on partnering and integrating with leaders in the FinTech space, like eMoney, Black Diamond, and MoneyGuidePro; and the list goes on and on. We are also looking at the new and up-and-coming FinTech firms that we feel are game changers and disruptors in the sector.”

Larry says that the company also considers APIs that are not directly related to the financial advisory space, but can add value and benefit to advisors.

Totum Risk intends to develop several JSON APIs to enable financial advisors to integrate into the platform. The first is being tested now.

“We will have two modules, the first will provide the questionnaire and the models, along with the portfolios and scoring. The second module will have the analytics and the proposal tool.”

The company is planning to add a developer’s page to their website for other third party fintech firms to be able to review our integration process.

The company has a roadmap—i.e., a number of companies per quarter that they plan to integrate with. There are several criteria for integrating with another company:

  • Totum must be able to gain revenue from, and have a market for the other company’s product.
  • Integration must be seamless and the workflow efficient.
  • It must be a good opportunity for both sides, and both sides must be working towards it.

“We also consider firms that do not meet the criteria, but we feel they may be a disrupter that could take a lot of market share over the next few years.”

Development team behind the platform

Larry is proud of the team the company has built. The development team includes a backend team and a frontend team. All are very experienced.

“Our backend team built the backend for the Intercontinental Exchange. They have built cybersecurity products for our government. Our frontend team, our UI and design team, have built products such as Stash, products for Mercer, a number of financial institutions. We have an all-star team.”

The backend and frontend teams consist of five people each. In addition, there is a security specialist and two client analysts with PhD degrees.