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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.