Broker-Dealer Update: Week 3

Questions for OSJs

We understand that some of our advisors are checking out other OSJs. To help with this, we’ve created a document containing 81 questions that we strongly encourage you to ask a prospective OSJ. We hope this will help you make an informed decision. You can check that out in our Box folder or request a copy at your leisure. This is for advisors in the IFP network ONLY.

Financial Viability

We have received questions regarding our financial viability going into this transition. In truth, becoming a broker-dealer will expand our business opportunities, open up additional streams of revenue, establish greater partnerships programs, and allow us to receive direct markups from providers. This will also allow us to generate additional revenue on the RIA side as well.

As an added note, we have over 300 advisors representing $60 million in GDC interested in our new broker-dealer. We suspect more will come forward as we get closer to the launch date.

Running a Broker-Dealer

In addition to questions regarding our financial well-being, we have received some inquiries about our leadership. Our goal is to fill key positions with experienced individuals that have worked directly on the brokerage side. We have currently extended an offer to a CFO with experience at two previous BDs and will continue to identify qualified candidates between now and the full transition.

Two New Hires

This week we added two new senior compliance analysts, Rowena Ferry and Betty MacDonald, to our compliance team. In addition, we have three more final round interviews this week. We will continue to hire and fill positions to provide the best support possible for our advisors.

Custodian Pricing

Custodian pricing has been confirmed for Pershing, TD Ameritrade, Schwab, and Fidelity. The document is available to IFP advisors only and outlines transaction pricing, asset-based pricing and margin rates, so be sure to check it out.

Thank you for checking out this update and we hope to see you next time.


Pershing, TD Ameritrade, Schwab, and Fidelity are separate entities from IFP and LPL Financial.