Officially launches independent broker-dealer
Tampa, Fla. May 22, 2019 – Independent Financial Partners (IFP) has announced the official termination of their contract with LPL Financial (LPL) today, and that the firm has begun the process of transitioning to its new independent broker-dealer entity.
Leaving LPL with more than 200 advisors and thousands of client accounts, IFP now faces the process of repapering those accounts and transferring the assets to Pershing, IFP’s chosen clearing firm and custodian – a welcome final step to becoming truly independent.
“Everyone at IFP is excited that this day is finally here,” Bill Hamm, IFP’s CEO, exclaims. “We’ve overcome so many obstacles to get to this point, and to be able to finally start moving accounts and getting our advisors transitioned is a relief. We’re nearing the finish line of true independence, and I can’t wait to cross it.”
The past 12 months haven’t been smooth sailing for Hamm’s firm. Prior to announcing they’d be leaving LPL, IFP’s hybrid RIA and OSJ supported 460 producing financial advisors around the nation. As a broker-dealer and RIA, IFP will be starting out with half that number.
Bill Hamm explains further, “When we decided to go down this path, I told our advisors that we weren’t going to announce a big move and only give them 30 to 60 days to make a decision like most firms do in this type of situation. We told our advisors that they’d have a year to do their due diligence, knowing that many of them would either take the path of least resistance and remain at LPL or find a more niche firm that was more suitable to their needs. We also expected that during the year, other LPL OSJ’s would poach and recruit our advisors. However, that didn’t matter because we knew we had to take one step back to take two steps forward. We had to disrupt our business to become a disruptor in our industry.”
And that disruption starts now. In a world where broker-dealers continue to increase admin fees on advisory platforms, the new IFP model provides an option without them. In a world where broker-dealers don’t allow advisors to text clients, IFP is providing the technology to do so. In a world where broker-dealers are driven by stock price, IFP will be owned in part by advisors who will have a say in the company. IFP was built on transparency, honesty, and accessibility to firm leaders, tenants that are surprisingly novel to many advisors, and the firm will continue to evolve based on that foundation.
Chris Hamm, Bill’s son and chief operating officer of IFP, is excited to help build and grow the firm on top of that foundation. “Our advisors are with us because they trust Bill, and as an extension, they trust our firm. Trust in leadership what our advisors care about most, and that’s why advisors are attracted to our platform. And now that we’re in full control, we can grow our firm as we see fit and with our advisors’ needs in mind. We were capped on growth potential at LPL, but now our potential is unlimited. And, now that we’re on an even playing field, we can’t wait to have the ability to recruit from our competitors.”
Speaking of recruiting – more than 30 new advisors are set to join the firm in the coming months. And as a result, Bill Hamm is excited about this next chapter.
He concludes, “IFP has been around since the year 2000, but it feels like this is just the beginning.”
Independent Financial Partners (IFP) is a registered investment adviser, broker-dealer, and insurance agency providing technological, compliance, marketing, business development, and operational support to its network of over 200 financial advisors. Founded in 2000 by William E. Hamm, Jr., IFP operated as a hybrid RIA and OSJ for 19 years before launching its own broker-dealer in 2019. IFP offers a platform for truly independent financial advisors, one built on choice, transparency, and advisor feedback.