Finance
Concurrent Partners with TIFIN @Work to Elevate Workplace Financial Solutions
Combining Advisory Expertise and AI-Driven Insights to Deliver Real Financial Impact
BOULDER, Colo. and TAMPA, Fla., Dec. 18, 2024 /PRNewswire/ — Concurrent, one of the fastest-growing RIA aggregators in the United States, has partnered with TIFIN @Work, an AI-powered workplace growth platform, to deliver a more focused and personalized approach to workplace financial solutions. The partnership combines TIFIN @Work’s AI-driven tools with Concurrent’s advisory expertise to deliver clear, actionable outcomes for employees, employers, and advisors.
“Concurrent’s rapid growth has been built on our ability to deliver personalized, scalable solutions that meet the unique needs of clients,” said Casey Bates, Managing Director of Strategy and Growth at Concurrent. “Our partnership with TIFIN @Work strengthens our offering, combining cutting-edge AI technology with our proven advisory strategies to create financial solutions with real impact.”
TIFIN @Work’s AI technology delivers tailored actions to employees, helping them optimize their financial strategies—whether it’s optimizing paycheck contributions or planning for long-term goals. Concurrent ensures these insights are put to work, providing the expertise needed to make decisions that benefit both employees and their employers.
“This partnership is about creating better wealth outcomes with tailored solutions that truly make a difference,” said Marc McDonough, CEO of TIFIN @Work. “By combining our technology with Concurrent’s advisory experience, we’re offering a solution that directly addresses the financial needs of the workplace, creating practical value for all involved.”
The integration of TIFIN @Work’s platform with Concurrent’s advisory services provides employers with a streamlined approach to supporting employees. The result is improved engagement, stronger financial confidence, and greater opportunities for advisors.
About Concurrent
Concurrent is a multi-custodial, hybrid registered investment adviser (RIA) created to give independent advisors all the resources they need to grow their businesses and adapt to the evolving financial needs of their clients. Headquartered in Tampa, Florida, Concurrent was established in 2017 by former advisors, business owners and industry leaders to cultivate a national network of independent providers of unbiased, fiduciary advice.
Investment advisory services through Concurrent Investment Advisors, LLC (“Concurrent”), an SEC Registered Investment Advisor. To learn more about Concurrent, visit www.poweredbyconcurrent.com.
Wealth management, banking and finance concept. Smart banking with technology.
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The end of the year is a time of reflection for many, and while some will look back on their experiences and achievements, money experts say it’s just as important to take stock of your finances.
Staying on top of your spending may have seemed like an uphill struggle this year as wages have often failed to keep up with the increased cost of living. In the U.S., Bankrate’s 2024 Wage to Inflation Index found that between January 2021 and June 2024, prices increased 20%, but wages only rose by 17.4% over the same period.
As a result, nearly half of Americans say they are living paycheck to paycheck, according to a recent Bank of America survey.
“The end of the year can be a great time to reflect on your finances, but it’s important not to be hard on yourself,” Tamara Harel-Cohen, co-founder of financial wellbeing app RiseUp, told CNBC Make It.
Harel-Cohen advised against scrutinizing every penny spent because it’s not possible to always meet your financial goals.
Meanwhile, Sarah Coles, head of personal finance at Hargreaves Lansdown, said there’s always room for improvement where money management is concerned.
“It can feel that as long as you get to the end of the year roughly in one piece financially, you’re probably OK. However, this approach leaves you vulnerable to neglecting key aspects of your finances,” Coles said.
CNBC Make It asked four financial experts for their top tips on reflection and money management as the end of the year approaches.
‘Have self-compassion’
It’s a “common phenomenon” in December for people to feel ashamed about how they handled their money, Vicky Reynal, a financial psychotherapist and author of “Money on Your Mind,” told CNBC Make It.
“One thing that I would say is to have self-compassion,” Reynal said. “There’s almost a sense that everybody feels they should be better than they are.”
This can stop us from thinking productively about how to turn things around, Reynal said. The truth is that managing finances is “not an innate skill,” and it’s often not taught by schools or parents.
“So we pick it up as we go, and we’ll inevitably make mistakes. But all we can do is, rather than simmer in in guilt and shame, we can use that and reframe it in terms of: What can I do differently? What do I want to do differently next year financially?” Reynal added.
‘5 cornerstones of sound finances’
Hargreaves Lansdown’s Coles suggested an audit of five key money areas.
“We should specifically take stock of the five cornerstones of sound finances: Are your short-term debts under control? Do you have the right things in place to protect your family – including life insurance and a will? Do you have enough emergency savings to cover three-to-six-months’ worth of essential spending? Are you on track with pension saving? And are you investing to make more of your money where you can?” she said.
Understanding where you are financially within these five key areas can help you create the foundations of a budget and new money goals, Coles added.
Don’t make budgeting complicated
A lot of money resolutions in the new year fail because they tend to be overcomplicated, according to Reynal.
“People, sometimes, will come proudly to me and say: ‘I’ve set up this spreadsheet, it’s 30 tabs. I’m going to be recording all my expenses.’ But that’s not sustainable,” Reynal said. “I would always encourage people to keep it simple and find the right tools.”
She suggested using budgeting apps and investment platforms that cut out the work for you.
“It will simplify and enable a cycle in which you’re feeling empowered. You’re getting small wins, and that kind of perpetuates a virtual circle in which you’re starting to build confidence that: ‘Look, I managed to do it this month, and so maybe I’ll manage to do it next month,’” she added.
Harel-Cohen agreed, saying even a “five-minute check-in” with yourself in the morning about how you’re going to spend money during the day will help you make better decisions without feeling overwhelmed.
“Remember, improving your financial wellbeing is a marathon, not a sprint,” Harel-Cohen added.
Small, lasting improvements
The second reason that many money resolutions fail is because they’re too ambitious, according to Reynal.
“There’s a lot to be said about small wins in terms of building confidence, building a sense of agency, and building momentum,” she said, adding that setting “small, actionable goals,” is the route to success.
Harel-Cohen advised automating monthly payments into your savings account to achieve long-term goals such as holidays or retirement.
She said: “After setting this up, just sit back and forget about it.”
Consider your feelings
It’s okay to treat yourself on occasion too, according to Ylva Baeckström, a senior lecturer in finance at King’s Business School.
Spending money shouldn’t always be anxiety-inducing, she said. “What did you really spend on things you don’t really need? And how did it make you feel spending that money? Did it make you anxious or stressed or did it make you feel good?” Baeckström said.
“If it made you feel anxious you need to change your habit. However, if it made you feel good, it may be worth continuing to allow yourself this particular luxury. Allow yourself some treats that make you feel good and cut the spend that makes you feel anxious,” she added.
Finance
Seven Hills Realty Trust Closes $45.0 Million Bridge Loan to Finance the Acquisition of a Hotel in Boston, Massachusetts
NEWTON, Mass., December 17, 2024–(BUSINESS WIRE)–Seven Hills Realty Trust (Nasdaq: SEVN) today announced the closing of a $45.0 million first mortgage floating rate bridge loan to finance the acquisition of Club Quarters Hotel, a 178-room hotel located at 161 Devonshire Street in Boston, Massachusetts.
The loan has a three-year initial term with two one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Arch & Devonshire LLC, the borrower.
Tom Lorenzini, President and Chief Investment Officer of SEVN, made the following statement:
“The Club Quarters Hotel benefits from being near the Massachusetts State House, Faneuil Hall, Boston Common, the Boston Theatre District and many significant historical sites. The closing of the loan to finance the acquisition of this hotel demonstrates our ability to identify and execute compelling loan investment opportunities. Furthermore, we continue to be active in the market and maintain a strong pipeline of quality loan opportunities to generate attractive risk adjusted returns for our shareholders.”
About Seven Hills Realty Trust
Seven Hills Realty Trust (Nasdaq: SEVN) is a real estate finance company focused on originating and investing in first mortgage loans secured by middle market transitional commercial real estate. SEVN is managed by Tremont Realty Capital, an affiliate of The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with nearly $41 billion in assets under management and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. For more information about SEVN, please visit www.sevnreit.com.
WARNING CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These statements may include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about SEVN continuing to be active in the market and maintaining a strong pipeline of quality loan opportunities and SEVN’s investment focus, ability to complete additional loan investments in the future and ability to generate attractive risk adjusted returns for shareholders. Forward-looking statements reflect SEVN’s current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause SEVN’s actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: the ability of SEVN to make additional investments; the success of SEVN’s investments; SEVN’s available liquidity, access to capital and cost of capital; and various other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in SEVN’s periodic filings with the Securities and Exchange Commission, or SEC. The information contained in SEVN’s filings with the SEC, including under the caption “Risk Factors” in its periodic reports, or incorporated therein, identifies important factors that could cause SEVN’s actual results to differ materially from those stated in or implied by SEVN’s forward-looking statements. SEVN’s filings with the SEC are available on the SEC’s website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, SEVN does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
Open Lending (LPRO) has secured its third partnership with an automotive captive finance company, marking a significant expansion of its Lenders Protection™ program. The agreement will enable the unnamed OEM partner to extend lending services to near- and non-prime consumers through automated decisioning and default insurance coverage.
The implementation is scheduled for early 2025, with testing nearly complete. The partnership aims to help the captive finance company expand its business by responsibly lending to consumers with lower credit scores than their traditional borrowers. Open Lending’s solution will integrate into the lender’s processes, from initial application scoring to loan structuring and servicing, using alternative data to price loans based on applicants’ financial profiles and vehicle valuations.
Open Lending (LPRO) ha consolidato la sua terza partnership con un’azienda finanziaria automobilistica, segnando un’espansione significativa del suo programma Lenders Protection™. L’accordo permetterà al partner OEM non ancora nominato di estendere i servizi di prestito a consumatori near- e non prime attraverso decisioni automatizzate e copertura assicurativa contro i default.
L’implementazione è prevista per inizio 2025, con i test quasi completati. La partnership mira ad aiutare l’azienda finanziaria a espandere la propria attività prestando responsabilmente a consumatori con punteggi di credito inferiori rispetto ai tradizionali prestatari. La soluzione di Open Lending si integrerà nei processi del prestatore, dalla valutazione iniziale della domanda alla strutturazione e gestione dei prestiti, utilizzando dati alternativi per valutare i prestiti in base ai profili finanziari dei richiedenti e alle valutazioni dei veicoli.
Open Lending (LPRO) ha asegurado su tercera asociación con una empresa de financiación cautiva automotriz, marcando una expansión significativa de su programa Lenders Protection™. El acuerdo permitirá al socio OEM no nombrado extender los servicios de préstamo a consumidores near- y non-prime a través de decisiones automatizadas y cobertura de seguro contra impagos.
La implementación está programada para principios de 2025, con las pruebas casi completas. La asociación tiene como objetivo ayudar a la empresa de financiación cautiva a expandir su negocio prestando responsablemente a consumidores con puntuaciones de crédito más bajas que sus prestatarios tradicionales. La solución de Open Lending se integrará en los procesos del prestamista, desde la evaluación inicial de la solicitud hasta la estructuración y el servicio del préstamo, utilizando datos alternativos para fijar tasas basadas en los perfiles financieros de los solicitantes y las valoraciones de los vehículos.
Open Lending (LPRO)는 Automotive captive finance 회사와 세 번째 파트너십을 체결하여 Lenders Protection™ 프로그램을 크게 확장했습니다. 이번 계약을 통해 이름이 밝혀지지 않은 OEM 파트너는 자동화된 의사 결정과 디폴트 보험 보장을 통해 네어 프라임 및 비프라임 소비자에게 대출 서비스를 제공할 수 있게 됩니다.
구현은 2025년 초로 예정되어 있으며, 테스트는 거의 완료되었습니다. 이번 파트너십은 금융 회사가 전통적인 차주보다 낮은 신용 점수를 가진 소비자에게 책임감 있게 대출을 확대하는 데 도움을 주기 위한 것입니다. Open Lending의 솔루션은 초기 신청 평가부터 대출 구조화 및 서비스에 이르기까지 대출자의 프로세스에 통합되어 신청자의 재무 프로필 및 차량 평가를 기반으로 대출 가격을 설정하기 위해 대체 데이터를 사용할 것입니다.
Open Lending (LPRO) a sécurisé son troisième partenariat avec une entreprise de financement captive automobile, marquant une expansion significative de son programme Lenders Protection™. Cet accord permettra au partenaire OEM non nommé d’étendre les services de prêt aux consommateurs near- et non-prime grâce à une décision automatisée et une couverture d’assurance contre les défauts de paiement.
L’implémentation est prévue pour début 2025, les tests étant presque terminés. Ce partenariat vise à aider l’entreprise de financement captive à développer son activité en prêtant de manière responsable à des consommateurs avec des scores de crédit inférieurs à ceux de ses emprunteurs traditionnels. La solution d’Open Lending sera intégrée dans les processus du prêteur, depuis l’évaluation initiale des demandes jusqu’à la structuration et le service des prêts, en utilisant des données alternatives pour fixer les taux des prêts en fonction des profils financiers des demandeurs et des évaluations des véhicules.
Open Lending (LPRO) hat seine dritte Partnerschaft mit einem Automobilfinanzierungsunternehmen gesichert, was eine bedeutende Erweiterung seines Lenders Protection™ Programms darstellt. Die Vereinbarung ermöglicht es dem nicht genannten OEM-Partner, Kreditdienstleistungen an Near- und Non-Prime-Verbraucher durch automatisierte Entscheidungsfindung und Ausfallversicherungsdeckung anzubieten.
Die Implementierung ist für Anfang 2025 geplant, die Tests sind nahezu abgeschlossen. Die Partnerschaft zielt darauf ab, dem Finanzierungsunternehmen zu helfen, sein Geschäft zu erweitern, indem es verantwortungsbewusst an Verbraucher mit niedrigeren Kreditwerten als seine traditionellen Kreditnehmer vergibt. Die Lösung von Open Lending wird in die Prozesse des Kreditgebers integriert, von der initialen Antragsbewertung bis hin zur Strukturierung und Verwaltung von Krediten, wobei alternative Daten verwendet werden, um Kredite basierend auf den finanziellen Profilen der Antragsteller und den Fahrzeugbewertungen zu berechnen.
Positive
- Secured third OEM captive finance company partnership, expanding market presence
- Partnership implementation set for early 2025, indicating near-term revenue potential
- Demonstrates growing acceptance of Lenders Protection™ program in automotive lending
Insights
The partnership with a third OEM captive finance company marks a significant strategic expansion for Open Lending. This deal opens up access to a broader customer base in the near- and non-prime auto lending market, potentially driving substantial revenue growth. The timing of the rollout in early 2025 suggests a meaningful impact on future earnings.
The agreement demonstrates Open Lending’s growing market penetration in the automotive financing sector, particularly with captive finance companies. Their Lenders Protection™ program’s ability to facilitate lending to lower credit spectrum consumers while managing risk through default insurance coverage presents a compelling value proposition. This could translate into increased loan origination volumes and recurring revenue streams.
The auto financing market is experiencing a strategic shift as OEM captive finance companies seek to expand their lending portfolios to near- and non-prime consumers. Open Lending’s third major captive partnership validates their technology-driven approach and positions them favorably in this growing market segment. The integration of alternative data for loan structuring and risk assessment represents a competitive advantage in reaching underserved borrowers.
This expansion aligns with industry trends showing increased focus on financial inclusion while maintaining prudent risk management. The partnership could strengthen Open Lending’s market position and create barriers to entry for competitors.
Agreement demonstrates continued importance of near- and non-prime consumers to captive lenders and Company’s industry leadership
AUSTIN, Texas, Dec. 17, 2024 (GLOBE NEWSWIRE) — Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open Lending”), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today announced that it entered into an agreement with the captive finance company of a premier automaker to begin utilizing Open Lending’s flagship Lenders Protection™ program. This is the Company’s third such partnership with an automotive captive finance company. This agreement will enable the Company’s newest OEM partner to access more near- and non-prime consumers with the unique benefits of Open Lending’s automated decisioning and default insurance coverage.
“We couldn’t be more excited about the addition of a third OEM captive finance company to our customer base,“ said Chuck Jehl, CEO of Open Lending. “This company desired to expand its business by responsibly lending to consumers who are deeper in the credit spectrum than most of their borrowers have historically been. As with so many of Open Lending’s customers, our Lenders Protection solution is the perfect fit. This new relationship further validates Open Lending’s value proposition to auto lenders generally. Full testing and implementation is near completion with a targeted rollout scheduled to begin in early 2025.”
“Signing our third captive finance company is an important milestone for Open Lending,” Mr. Jehl added. “I’d like to thank our co-founder and enterprise account consultant, Ross Jessup, for all his efforts in making today’s announcement a reality.”
“Our expertise in near- and non-prime lending was a significant factor in this captive finance company’s decision to partner with Open Lending,” said Mr. Jessup. “This partnership helps lenders grow safely, strengthens dealer relationships, and ensures OEMs retain their customers within the brand.”
Open Lending’s approach to integration will assist with efficiencies within the captive finance company’s process, from initial scoring of an application, to loan structuring and pricing, and all the way through servicing. Using alternative data, Lenders Protection prices and structures automotive loans according to each applicant’s unique financial profile and vehicle valuation, enabling financial institutions to securely offer loan opportunities to near- and non-prime borrowers.
Learn more at openlending.com.
About Open Lending
Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.
Contact
Open Lending Media Inquiries
press@openlending.com
Open Lending Investor Relations Inquiries
InvestorRelations@openlending.com
FAQ
When will Open Lending (LPRO) launch its partnership with the new OEM captive finance company?
Open Lending plans to begin the rollout of its partnership with the new OEM captive finance company in early 2025.
How many OEM captive finance company partnerships does Open Lending (LPRO) now have?
With this new agreement, Open Lending now has partnerships with three OEM captive finance companies.
What services will Open Lending (LPRO) provide to the new OEM partner?
Open Lending will provide its Lenders Protection™ program, offering automated decisioning and default insurance coverage for near- and non-prime consumer loans.
How does Open Lending’s (LPRO) Lenders Protection program evaluate loan applications?
The program uses alternative data to price and structure automotive loans based on each applicant’s unique financial profile and vehicle valuation.
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