Rob Pettman, former head of wealth management solutions at LPL Financial, has joined TIFIN, the startup incubator and holding company, as chief revenue officer and president. He will report directly to TIFIN CEO and Founder Vinay Nair.
Pettman replaces Jack Swift, who left TIFIN last year, according to published reports. Swift's LinkedIn profile says he is now the co-founder and CEO of The Liminal Collective, a community of experts working with top performers in sports, the military, performing arts and business.
WealthManagement.com it Was first to report on Pettman's departure from the LPL last week.
He had spent 19 years at the nation's largest independent broker/dealer, overseeing the full spectrum of LPL's wealth management ecosystemfrom investment products and commercial relationships to third-party technology partnerships and integrations.
In his new role, Pettman said he will have responsibility over the four operating divisions and the holding company's ecosystem, which includes TIFIN estate (its B2B technology for wealth management firms), Magnificent (its AI-driven end-user technology), HE'S CHEATING (its AI-specific technology development and collaboration unit), and TIFIN AMPwhich is now run as an independent subsidiary.
“One of the things that has driven me throughout my career has been a client-centric perspective, and when I think about the macro trends of where we are, we're at an inflection point here and what AI can do for wealth management. space,” Pettman said in an interview.
“We're on the verge of seeing dramatic improvements (across the board) — perhaps the most significant in decades,” he said.
Pettman said he will work primarily from TIFIN's small office in Charlotte, NC, where he lives, but with frequent trips to the company's headquarters in Boulder, Colo. The company currently has around 250 employees.
Pettman said there was plenty of room for expansion beyond TIFIN's current offerings, including core advisory and wealth.
“There are a number of different areas in wealth management that would benefit from incorporating AI – insurance is one – there is a huge amount of opportunity there and in other areas,” he said.
Pettman said he had a good idea of the types of firms that would need TIFIN's technology.
“Those firms that have the scale and resources have made progress in defining their path when it comes to AI, while some have or will decide to build themselves, but others who may have a strategy but not the ability to build in and need. to find a partnership”, he said.
“And even for some of the firms that want to develop it themselves, there are a bunch of scenarios where outside expertise can be very valuable, and TIFIN has a menu of point solutions that can help solve that,” Pettman said.
Compliance is another area of opportunity.
“If you don't know the rules and how it might affect the business, that can sometimes be a loophole in fintech,” he said.
In May 2022, TIFIN was closed in one About $109 million in Series D funding, when Franklin Templeton and Motive Partners joined investors Hamilton Lane, JP Morgan Asset Management, Morningstar and Broadridge. Recently, in In February, TAMP SEI made its first strategic investment of $10 million in the firm.
According to an LPL spokeswoman, Aneri Jambusaria, managing director of LPL Services Group, will continue to lead the group while the firm searches for Pettman's replacement.