TIFIN and Franklin Templeton Join Forces to Introduce TIFIN @Work, An Innovative Financial Wellness Solution for Employees

Rhea-AI Summary

TIFIN and Franklin Templeton announce partnership to launch TIFIN @Work, a groundbreaking financial wellness solution designed to empower employees and enhance their financial well-being. The offering enables a white-labeled solution for plan advisers to deliver an AI-powered, actionable advice platform for workplace benefits and financial wellness. The partnership combines TIFIN's technological innovation in AI with Franklin Templeton's deep plan adviser network and expertise in the defined contribution industry to create a positive impact across the defined contribution and plan adviser ecosystems.

Insights

Financial Analyst

The collaboration between TIFIN and Franklin Templeton to launch TIFIN @Work represents a significant strategic move within the wealth management and financial services industry. The integration of generative AI into financial wellness platforms is a relatively nascent trend that could redefine the way financial advice is delivered and consumed. This partnership aims to leverage the strengths of both companies—TIFIN's AI technology and Franklin Templeton's established network and expertise in the defined contribution sector.

From a financial perspective, the offering of a white-labeled AI-powered advice platform could potentially open up new revenue streams for both entities. By providing a tool that enhances employee financial well-being, the firms could see increased engagement from plan advisers and employers, leading to broader adoption and potentially a larger market share in the retirement and wealth management space. This could translate into increased assets under management and recurring revenue through platform fees or advisory services.

However, the success of TIFIN @Work hinges on its user adoption and the tangible outcomes it delivers for employees. The ability of the platform to provide actionable, personalized financial advice will be critical in determining its impact on the market. Additionally, the competitive landscape of financial wellness platforms is growing and differentiation will be key. The personalized and holistic approach touted by TIFIN @Work could serve as a unique selling point that sets it apart from other offerings.

Market Research Analyst

The partnership and launch of TIFIN @Work is poised to address a gap in the current financial wellness market, which often lacks personalized and actionable advice for employees. With the increasing complexity of financial products and the need for bespoke financial planning, AI-powered platforms like TIFIN @Work could significantly disrupt the market. The demand for such solutions is likely to grow as employers recognize the value of financial wellness in employee retention and productivity.

Market research indicates that employee benefits are a key factor in job satisfaction and loyalty. By integrating financial wellness into the workplace, TIFIN and Franklin Templeton are tapping into a market with substantial growth potential. The offering could attract a diverse range of employers, from small businesses to large corporations, seeking to enhance their benefits package and improve financial literacy among their workforce.

The ability to white-label the platform also presents a strategic advantage, as it allows plan advisers to maintain their branding while utilizing advanced technology. This could facilitate easier market penetration and adoption among advisers who are already trusted by employers. However, it will be important to monitor the platform's scalability and the ability of advisers to effectively implement and manage the technology within their existing service models.

Economist

The introduction of TIFIN @Work into the marketplace could have broader economic implications, particularly in the domain of workforce financial stability. By enhancing the financial literacy and planning capabilities of employees, the platform has the potential to contribute to overall economic health. Financially secure employees are likely to be more productive and less distracted by personal financial issues, which can have positive effects on economic output.

Furthermore, the increased access to personalized financial advice could lead to more informed investment decisions and savings behaviors among employees, potentially impacting savings rates and capital market flows. Over the long term, this could influence the allocation of resources in the economy, with more individuals investing in their future financial stability.

However, the actual economic impact will depend on the effectiveness of the platform in changing financial behaviors and the extent of its adoption. If successful, TIFIN @Work could serve as a model for how technology can be harnessed to improve financial well-being at scale, which could have ripple effects on the economy as a whole.

The offering enables a white-labeled solution for plan advisers to deliver an AI-powered, actionable advice platform for workplace benefits and financial wellness

BOULDER, Colo. and NEW YORK and SAN MATEO, Calif., Jan. 4, 2024 /PRNewswire/ -- TIFIN, a leading AI and innovation platform for wealth, and Franklin Templeton, a global leader in asset management, have announced a partnership to launch TIFIN @Work, a groundbreaking financial wellness solution designed to empower employees and enhance their financial well-being. Leveraging TIFIN's experience in designing cutting-edge generative AI fintech platforms, TIFIN @Work helps individuals achieve their financial goals, reduce stress related to personal finance, and ultimately enhance overall employee well-being. The announcement builds on the existing strategic relationship between the firms that began during TIFIN's Series D round in May of 2022.

A white-labeled solution for plan advisers to deliver an AI-powered advice platform for workplace benefits.

"Blending the deep investment expertise and digital capabilities of Franklin Templeton with the data-enriched Tifin @Work platform is a game-changer for advisors looking to expand their practice beyond retirement accounts to wealth solutions,'' said Harshendu Bindal, Managing Director, Digital Strategy and Wealth Management, Franklin Templeton. "The experience delivers a truly unique financial wellness offering for plan sponsors that considers the holistic investment needs of participants, providing digital education with clear and seamless paths to help them invest for their goals."

Workplace benefits and financial wellness are a crucial part of a modern employee's compensation package. Yet, employees can often struggle to make optimal use of workplace benefits within the context of their current financial status and future goals. TIFIN @Work is the first holistic AI-powered platform for employees designed to help assess their financial situation, get actionable advice, and seamlessly make adjustments to their benefits to achieve better financial outcomes.

"We are thrilled to collaborate with Franklin Templeton to bring TIFIN @Work to the market," said Dr. Vinay Nair, Founder & CEO, TIFIN. "This partnership combines TIFIN's technological innovation in AI with Franklin Templeton's deep plan adviser network and expertise in the defined contribution industry. Together, we can empower employers to deploy a holistic solution that fosters better financial outcomes for their employees."

TIFIN will partner with Franklin Templeton's Workplace Retirement Distribution Business to deliver TIFIN @Work to plan advisers and the employers they serve. This partnership between TIFIN and Franklin Templeton is designed to create a positive impact across the defined contribution and plan adviser ecosystems, closing many of the gaps advisory firms are addressing between their workplace and the wealth management businesses.

"We believe every U.S. worker and household has the right to experience financial well-being throughout each phase of life, and access to personalized advice is a critical step towards achieving that," said Yaqub Ahmed, head of Retirement, Insurance Sub-Advisory & 529 College Savings for Franklin Templeton. "Through this strategic partnership, we'll empower financial professionals with an easy and actionable way to help plan participants better understand their overall financial situation, and allocate savings to what means the most to them."

For more information about TIFIN @Work, please visit https://tifin.com/holdings/atwork/.

About TIFIN

TIFIN is an AI and innovation platform for better wealth outcomes. Founded by Dr. Vinay Nair, TIFIN creates and operates new companies that apply data science, AI, and technology to address frictions in wealth and asset management. TIFIN's companies have included 55ip (sold to JP Morgan) and currently include Magnifi, TIFIN Wealth, TIFIN AMP, TIFIN Give, Paralel, Sage, Helix, TIFIN @Work, and TIFIN India. TIFIN has been backed by JP Morgan, Morningstar, Hamilton Lane, Franklin Templeton, Motive Partners, and Broadridge among others.

About Franklin Templeton
Franklin Resources, Inc. (NYSE:BEN) is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management, and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of November 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter , and Facebook.

For media inquiries, please contact:
AJ Boury
aj@tifin.com

Rebecca Radosevich
rebecca.radosevich@franklintempleton.com

The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services. All content is for informational purposes only.

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SOURCE TIFIN

FAQ

What is the partnership announced by TIFIN and Franklin Templeton?

The partnership aims to launch TIFIN @Work, a financial wellness solution designed to empower employees and enhance their financial well-being.

What does TIFIN @Work offer?

TIFIN @Work offers a white-labeled solution for plan advisers to deliver an AI-powered, actionable advice platform for workplace benefits and financial wellness.

Who is the Managing Director, Digital Strategy and Wealth Management at Franklin Templeton?

Harshendu Bindal is the Managing Director, Digital Strategy and Wealth Management at Franklin Templeton.

What is the goal of the partnership between TIFIN and Franklin Templeton?

The goal of the partnership is to empower employers to deploy a holistic solution that fosters better financial outcomes for their employees.

What is the role of TIFIN in the partnership?

TIFIN will partner with Franklin Templeton's Workplace Retirement Distribution Business to deliver TIFIN @Work to plan advisers and the employers they serve.

Who is the Founder & CEO of TIFIN?

Dr. Vinay Nair is the Founder & CEO of TIFIN.

What is the role of Franklin Templeton in the partnership?

Franklin Templeton will empower financial professionals with an easy and actionable way to help plan participants better understand their overall financial situation and allocate savings to what means the most to them.