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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.