Fintech Tifin and fund company Franklin Templeton are joining forces to launch an AI-powered financial advice platform that plan sponsors can provide to their employees, the companies announced Thursday.
Tifin @Work will help employees assess their financial situation, provide them with advice and adjust their benefits to improve their financial outlook.
“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 toward achieving that,” Yaqub Ahmed, head of retirement, insurance sub-advisory and 529 college savings at Franklin Templeton, said in a statement. “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.”
Tifin will work with Franklin Templeton’s workplace retirement distribution business to get the solution to plan advisors and employers.
More and more companies have started providing financial wellness benefits, driven by concerns that workers’ worries about their finances could affect their productivity. An annual survey by Morgan Stanley that was released in June showed 89% of the companies surveyed provided financial wellness benefits, up 10 percentage points from 2021.
In 2022, Franklin Templeton co-led a $109 million Series D round of financing for Tifin, which brought the fintech’s valuation to $842 million.
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