Totum Risk partners with the Websuasion Group, which mainly does design and web-development work, including updating websites, adding new pages, etc.
During our discussion, Larry highlights that in order to maintain growth the company tries to hire the right people.
“We want to hire people that are in the industry, that understand the advisors and know how they work. This could be someone who was an advisor previously and/or they were in some type work for a financial technology firm. I think that’s crucial to our business and how we want to grow.”
In addition to people with knowledge and experience in the financial industry, Larry plans to hire people who have a deep technology background and have worked on AI and blockchain. At the same time, these people need to be a cultural fit for Totum.
“That’s a very big part of hiring someone. Even if they have a great background, if they don’t fit our culture and how we work, it’s not going to be a good fit.”
Bottom line
Totum Risk is a small startup that tries to do things others don’t bother with. The company understands that investors’ preferences may change with time and their answers to standard risk questionnaires may vary significantly depending on their psychological state, which may change even during a single day. This is why Larry feels that calculating risk tolerance based on investors’ preferences puts their wealth in danger.
Totum’s questionnaire scores investors’ risk capacity based on their life situation—i.e., location, career, health, etc. The company integrates with a number of companies to get financial and statistical data. All data is processed through their academic quantitative models and algorithms.
Totum Risk relies on people with significant financial and technological expertise, and promising technologies such as AI and blockchain.
Vasyl Soloshchuk, CEO and co-owner at INSART, FinTech & Java engineering company. Vasyl is also author of the WealthTech Club blog, which conducts research into Fortune and Startup Robo-advisor and Wealth Management companies in terms of the technology ecosystem
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