TIFIN acquired the assets of both these companies to accelerate the launch of its own risk and financial planning solutions.

The new risk profiling launch will retain the Totum brand but the financial planning offering will use an unannounced and new brand. The CEOs of both these firms, Larry Shumbres and Ben Pitts, will join THE TIFIN GROUP and be an integral part of the new projects. The terms of the deals were not disclosed.

"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 Dr. Vinay Nair, Founder, Chairman & CEO of The TIFIN Group. "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. 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 added.

"I am excited to join THE TIFIN GROUP and help launch its risk-driven offering," said Larry Shumbres, CEO of Totum Risk. "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," Shumbers said.

"I am delighted to join TIFIN to redefine the personal financial planning experience. TIFIN has a successful track record of leading innovation through its operating companies such as 55ip (now part of J.P. Morgan), Positivly, Magnifi and Clout," said Ben Pitts, CEO of myFinancialAnswers. "This new project is very exciting and the assets built at myFinancialAnswers will help accelerate its release. I am equally excited at the end-investor focused service mindset at TIFIN, which has been a core aspect of my own entrepreneurial journey," he added.