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Q3 IFP Advisor Town Hall

This week we held the official Q3 IFP Advisor Town Hall to highlight some of the big updates over the last few months that advisors may have missed. Check out our latest updates and let us know if you have any questions.

Approval to Move Advisory Business

Date: July 2018

BD Update: IFP advisors can now move any assets from LPL’s platform to any IFP-approved custodians.

Benefit to Advisors: Advisors continuing to stay at IFP can move assets ahead of the broker-dealer launch.

New Member Application Filed to FINRA

Date: July 2018

BD Update: IFP has now officially filed the broker-dealer paperwork with FINRA.

Benefit to Advisors: FINRA is required to review a broker-dealer filing within 180 days from the date of submission.

Broker-Dealer Update: Week 8

New Member Application Filed to FINRA

The paperwork has officially been filed with FINRA and the clock is ticking. Within 180 days they will review our paperwork and, barring any minor changes, we should have our end complete well before the December deadline.

Broker-Dealer Update: Week 7

IFP Plan Advisors Commitment

IFP remains committed to the plan advisors in our network, which is why we’ve scoped out some exciting new changes. First, we’re bring some new ideas to the table that can help assist current clients and bring in new clients.

Transition Packages Sent

Date: June 2018

BD Update: All advisor transition packages have been officially sent. Bill Hamm, Chris Hamm, Ned Van Riper, and Greg Wozniak will be reaching out to advisors in the coming weeks to discuss their specific package.

Beta Testing for Advisor[X] Begins

Date: June 2018

BD Update: Beta testing has commenced on IFP’s technology platform, Advisor[X].

Benefit to Advisors: Advisor[X] will support the use of multiple technology platforms in one centralized hub to help advisors quickly and easily access the tools they need.

Broker-Dealer Update: Week 6

BD Registration on Track

The broker-dealer registration process is well under way and should be finalized by December. We’ll provide more updates as we progress.

Beta Testing for Advisor[X]

Our technology platform, Advisor[X], aims to provide advisor choice with a streamlined user experience.

IFP Plan Advisors Changes

Date: June 2018

BD Update: Jeff Acheson, the current President of NAPA, is stepping into the role of divisional president of IFP Plan Advisors.

Benefit to Advisors: This move is intended to position IFP Plan Advisors as a disruptor in the industry while helping advisors combat fee compression.

New Employees

Date: June 2018

BD Update: More former INVEST team members have joined the IFP family to provide improved support for financial advisors. In addition, they will help shape the culture and corporate structure of the future broker-dealer.

New Entities Created

Date: June 2018

BD Update: IFP has created two separate entities in lieu of the broker-dealer launch. The first, IFP Securities, LLC, will be the broker-dealer legal entity. The IFP Group, LLC will be the holding group that will own the broker-dealer, RIA, Insurance Group, Technology, Institutional, and Plan Advisor companies.

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 Adds Company Ownership Option for Advisors

Date: June 2018

BD Update: Advisors in the IFP network will have the opportunity to become stakeholders in the firm when the broker-dealer launches.

Benefit to Advisors: Company equity will be distributed to advisors based on a number of factors, including assets transferred over and their tenure with IFP.

Two More New Hires

Date: June 2018

BD Update: Bill McCauley has joined IFP as the new chief financial officer. Jeff Acheson, the current President of NAPA, is joining the firm as the Director of IFP Plan Advisors.

Transition Assistance Announced

Date: June 2018

BD Update: IFP advisors will receive five (5) basis points on advisory or brokerage assets moved to Pershing’s platform. This also applies to any direct assets moved over.

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.

Finalized Custodian Pricing

Date: May 2018

BD Update: Custodian pricing for Pershing, TD Ameritrade, Schwab, and Fidelity has been finalized. This mean advisors can now request the internal document outlining transaction pricing, asset-based pricing, and margin rates.

Transition Proposals Sent

Date: May 2018

BD Update: All IFP advisors should have received their transition proposal by now. There are a number of exclusive opportunities for advisors in the IFP network, including ownership in the firm.

Two New Hires and Final Interviews

Date: May 2018

BD Update: IFP has hired two new employees for the compliance department. An offer has been extended to a CFO candidate and there are a number of final round interviews in the works.

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.

RPAG Agreement Talks

Date: May 2018

BD Update: IFP is in talks with Retirement Plan Advisory Group™ (RPAG™) to offer a more robust back office toolkit to plan advisors.

Benefit to Advisors: An official agreement will lower costs and give employer plan-focused advisors access to a full suite of resources from a trusted name in the industry.

New Hires

Date: May 2018

BD Update: IFP has hired three new employees. Two are joining the compliance team while one will be a technology consultant. IFP is currently in talks with a former CFO and FINOP of two large broker-dealers to become our CFO.

Transition Proposals Prepared

Date: May 2018

BD Update: Transition proposals for all IFP advisors are now complete. Each advisor should have a time on their calendar to discuss their package and sign the necessary agreements if they plan to move forward with IFP.

Broker-Dealer Update: Week 2

Transition proposals are now available. Please note these are preliminary proposals and are not binding on either party and would only become official once the broker-dealer is formed and an agreement is signed. Each advisor will be receiving an email invitation no later than Tuesday (May 29th) by close of business to schedule time to go over his or her proposal. This will ensure that everyone understands the calculations and has a chance to identify any incorrect data or inputs.

Work Begins on Advisor Transition Packages

Date: April 2018

BD Update: IFP has begun preparing advisor transition packages for review. Individual calls will be scheduled with each advisor to review their customized package.

Benefit to Advisors: These packages will give each IFP advisor the opportunity to receive compensation for the transition or future ownership in the firm.

Moving to Outside Custodians

Date: April 2018

BD Update: IFP has been working closely with LPL to transfer assets out of their custody.

Benefit to Advisors: To continue IFP’s pledge to be custodian-agnostic, assets will be transferable to Pershing, TD Ameritrade, Charles Schwab, and Fidelity.

Agreement Signed with Redi2 Technologies

Date: April 2018

BD Update: An agreement between IFP and Redi2 Technologies has officially been signed.

Benefit to Advisors: Redi2 will be the bridge between IFP’s advisory custodians and a brand new billing system.

Agreement Signed with Agreement Express

Date: April 2018

BD Update: IFP has signed an agreement with Agreements Express to assist with new account opening and the transition process.

Benefit to Advisors: This relationship will allow the IFP team to expedite the onboarding process for new advisors and help repaper clients.

Agreement Signed with Compliance Risk Concepts

Date: April 2018

BD Update: CRC will be helping IFP with the FINRA registration process and assisting with compliance responsibilities during the first year of our broker-dealer.

Benefit to Advisors: This firm will help IFP and advisors in the IFP network remain compliant throughout the transition from RIA to broker-dealer.

IFP Adds Four New Employees

Date: April 2018

BD Update: IFP hired four new employees to bolster overall advisor support. This includes Donna Harris as the Director of Onboarding, Tim Nguyen as the New Accounts and Transfer of Assets Team Lead, Dale Koster in Cashiering, and Ron Langdon as an Associate in New Accounts.

Broker-Dealer Update: Week 1

We want to ensure we keep everyone updated on the progress of IFP’s work towards broker-dealer status. As such, we’re excited to bring you this first ‘IFP Broker-Dealer Video Update’, the first of many more to come.