Tegra118 Acquires Retirement Planning Tech House

Tom Burroughes

12 June 2020

Tegra118, the wealth technology firm, has bought Illinois-based RetireUp, which provides planning systems, for an undisclosed sum.

Founded by a team of financial advisors, RetireUp creates software and simulations allowing advisors to visualize what clients need to hit retirement goals, giving advisors ideas on what sort of services and products to offer them. The firm creates “big-picture” visuals for advisors.

Such ideas resemble aviation flight simulators, giving people the ability to “game-play” different financial situations, feed in ideas about when they want to retire or take out savings, so they get a stronger idea about how to handle their money. The term “gamification” is often used to explain this area.

The RetireUp team will join Tegra118 as part of this transaction, the organizations said in a statement earlier this week.

“In today’s climate, retirement income is top of mind. Advisors and investors benefit from richer discussions that provide a full picture of lifetime income from Social Security, annuities, pensions, insurance and other assets,” Cheryl Nash, chief executive officer, Tegra118, said.

“RetireUp is a strong complement to Tegra118’s rapidly expanding suite of front office solutions,” said Alvi Abuaf, industry partner at Motive Partners and board member at Tegra118. “Its clean user interface helps advisors easily incorporate annuities into the overall financial planning process.”

“The acquisition will also bolster Tegra118’s offerings in the growing Insurance Wealth Advisory segment. In sum, it exemplifies Motive Partners’ vision of investing in innovative tools and capabilities that better serve the needs of financial advisors and investors,” Abuaf said.