Broker-Dealer Update: Week 4

Annual Benefit to Financial Advisors

Rather than offering a short-term benefit to transitioning advisors, we are providing recurring annual benefits. This includes lower fees, lower platform costs, the elimination of some fees, and lower admin charges. Again, rather than doing this for only the first year, we will extend these cost savings to you every year.

Transition Assistance

Assuming IFP advisors want to keep the equity offer, we will pay five (5) basis points on advisory or brokerage assets moved to Pershing’s platform. Also, we will pay that on any direct assets our advisors want to bring to Pershing. If an advisor wants to relinquish their equity offering, we will now pay up to ten (10) basis points.

IFP Company Ownership for Advisors

Ownership will depend on an advisor’s level of production and tenure with IFP. There will be a three-year vesting schedule for shares, which requires an advisor to stay with our firm.

Transition Packages Sent

Greg Wozniak, Chris Hamm, and Ned Van Riper are reaching out to advisors to discuss their personal transition package.

Face-to-Face Meetings

Over the next six months, Bill Hamm will be traveling the country to meet with financial advisors in our network.

Important New Hires

Bill McCauley has joined IFP as our new chief financial officer. Bill has held the positions of CFO for Transamerica Financial Advisors, CFO for MML Investors, and director of finance for John Hancock. Jeff Acheson, the current President of NAPA, will head up IFP Plan Advisors. He brings a world of experience and some fresh ideas to the table.

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

Disclaimer: Pershing is a separate entity from LPL Financial and IFP.