Broker-Dealer Update: Week 5

Registration Process

The registration process is underway and we’re making great strides toward launching the broker-dealer. To set the wheels in motion, we created two entities — IFP Securities, LLC and IFP Group, LLC. IFP Securities, LLC will be the broker-dealer legal entity and IFP Group, LLC is the holding company that will own the BD, RIA, Insurance Group, Technology, Institutional, and Plan Advisor companies. Advisors will own shares in the holding company. We’ll talk more details on this soon, so stay tuned.

New Employees

Another former employee of INVEST is joining our team next week. Maria Tanner will be a compliance analyst on our compliance team, and she has the broker-dealer experience WE need to continue providing the support YOU need. We’re very excited to bring her on board.

Big Win for Institutional Advisors

We are 95% sure that our institutional advisors will have the ability to bulk transfer with negative consent for direct and brokerage business. This makes it easier to get assets transferred and creates a better situation for all parties. For advisors not in the institutional space, we are working diligently with Pershing to explore the same feature for non-banking business. Pershing is meeting with FINRA as we speak to determine if that’s an option. Rest assured that we will keep you informed in any event.

IFP Committal Rate

Out of the conversations we’ve had, we’re currently running at about a 85% committal rate with another 5-10% that are still performing their due diligence. Everyone at IFP is greatly appreciative of your ongoing support and cooperation during this transition.

Changes to IFP Plan Advisors

As you may have heard, IFP Plan Advisors is now under the leadership of Jeff Acheson. He will bring new thoughts and ideas to the table with the goal of disrupting the industry. Every advisor is unique and it’s important that we offer the plug and play support for service providers that satisfy their various needs.

IFP Plan Advisors: Beyond the Basics

Many other firms have basic services, such as reporting, back office services, and work site solutions. Those items merely check the boxes. We are trying to help you build your practice in terms of doing other things with these corporate clients and build greater profitability with fewer clients. This is especially true in the age of fee compression. Jeff brings that ability to the table and we’re excited to get that out to our plan advisors.


Pershing is a separate entity from LPL Financial and IFP.