Fintech startup TIFIN is attracting some significant names in wealth management as customers.
Commonwealth Financial Network, an independent broker-dealer supporting 2,000 financial advisors, and Sanctuary Wealth, a breakaway RIA and brokerage firm with $19 billion in assets under management, are turning to TIFIN to boost their digital marketing capabilities. The firms will use Clout, one of several fintechs under the TIFIN umbrella, for automated marketing and personalized engagement with clients and prospects.
Landing large firms like Commonwealth and Sanctuary is a big win for TIFIN, which has rapidly grown since
Though a relatively new player on the wealthtech scene, TIFIN is benefiting from having these industry heavy hitters in its senior ranks and on its board, said April Rudin, founder and CEO of wealth marketing firm The Rudin Group.
“These industry people are using their ‘Clout’ to get in front of the right players at the right time to maximize their tools for wealth management firms,” Rudin said.
In addition to adding names like Wood and Arora and acquiring niche technology to cobble together an ecosystem, partnering with firms like Commonwealth and Sanctuary is a "savvy wager on the continued expansion of the independent advisor space," said Will Trout, the director of wealth management at Javelin Strategy & Research.
"Look for TIFIN to gain traction with national broker-dealers and large banks as well," Trout said.
Clout uses artificial intelligence to power social and email marketing campaigns targeted to prospects and clients, said Niharika Shah, the general manager at Clout by TIFIN. Advisors can also access administrative and compliance capabilities to scale marketing across an advisor network, and Clout will assign human marketing specialists for firms that need additional help. The approach results in more leads, faster conversions and referrals for advisors, said Shah.
“Personalization at scale is a critical component of marketing today,” Shah, said in a statement. “Clout’s human and AI marketing can help turn digital outreach into a growth engine while reaching individuals in ways they prefer.”
Three-quarters of firms are prioritizing digitized customer experiences, with sales and marketing being a top priority for firms over the next two years, according to
Rudin, who is not familiar with Clout’s technology, said it’s important for firms to offer more customized messaging to clients.
“I can say that every piece of communication is much more effective when it is personalized, whether it is to advisors or end investors,” Rudin said.
Commonwealth plans to use Clout to complement its Brand Studio, which launched in 2020 to help breakaway advisors establish firm names, logos and websites. Pairing the two will bring together marketing content, data and insights to help advisors affiliated with Commonwealth “shorten their prospect-to-client timelines with measurable results,” Sarah Howes, Commonwealth’s vice president of advisor marketing, said in a statement.
Commonwealth and Sanctuary did not respond to requests for comment.
