IFP Invests Heavily in New Technology Ahead of Broker-Dealer Launch

by Chris Hamm

Tampa, Fla., 9/26/2018 – As Independent Financial Partners (IFP), currently a hybrid RIA with LPL Financial (LPL), prepares to launch its broker-dealer, the firm has invested significant resources into technology that allows its advisors to run their businesses as they see fit.

To date, IFP has signed large contracts with three significant software systems that will form the foundation of the firm’s advisor support structure: Agreement Express, Beam Solutions and Xtiva.

Agreement Express, IFP’s first major technology investment of 2018, is a digital account opening solution that will allow IFP’s advisors to digitally prepopulate new account forms and distribute them to clients for electronic signature. Once signed, the documents will go to IFP’s compliance team then straight to one of the firm’s four custodians (Pershing, Charles Schwab, Fidelity or TD Ameritrade), where the account will be opened automatically. IFP advisors will also be able to utilize the software to easily transition their accounts to the new broker-dealer with its mass pre-population and distribution capabilities.

IFP is also integrating Beam Solutions software into its operation. Founded by the former Chief Compliance Officer of Facebook Payments, Beam uses machine learning to enhance transaction monitoring for financial institutions that are required to surveil transactions, protect against suspicious activities, and implement anti-money laundering guardrails. In a world where compliance technology is lacking, IFP has partnered with an innovative firm looking to provide more efficient monitoring and surveillance for broker-dealers.

Xtiva rounds out the trio of significant technology investments IFP has made so far this year. Xtiva is a premier provider of compensation management and reporting software for broker-dealers and RIAs. The company recently rolled out a cloud-based product with API functionality and brand new reporting tools. After vetting different options, IFP selected Xtiva as the clear winner for the firm’s compensation solution, solving for a commonly lacking area of support at independent broker-dealers.

IFP CEO William Hamm is excited to be able to finally invest in technologies that will make his advisors’ lives easier.

“Generally, hybrid RIAs don’t have the latitude or financials to be able to implement expensive technologies that otherwise would positive impact advisors’ businesses,” said IFP CEO William Hamm. “On the other hand, independent broker-dealers, not only have control of their own destiny, but they are also able to better control and enhance their revenue lines. As such, IFP has been able to invest in systems to support the advisor experience we’ve always wanted to provide.”

About IFP
Family-owned and privately-held since it was founded in 2000 by CEO William Hamm Jr. on the principals of independence, flexibility and collaboration, Independent Financial Partners (IFP) is a comprehensive financial advisor support firm with home/corporate offices in Tampa, Florida, and Phoenix, Arizona. It is dedicated to delivering personalized service to a growing network of more than 520 independent advisors nationwide, allowing them to better focus on the needs of their clients.

An SEC Registered Investment Adviser (RIA) and an Office of Supervisory Jurisdiction (OSJ), IFP works directly with its advisors to provide them technological, compliance, marketing, business development, and operational support. As of Dec. 31, 2017, IFP’s advisors have more than $40 billion in assets under advisement. The firm has annually earned the trusted CEFEX certification for investment support services for adhering to the industry’s best practices since 2014. For more information, visit www.ifpartners.com. Follow the firm on Twitter at @IF_Partners.

Securities offered through LPL Financial, member FINRA/SIPC. Investment Advisory services offered through Independent Financial Partners (IFP), a Registered Investment Adviser.

Posted by: Chris Hamm | September 26th, 2018 at 8:46am.