Tampa, FL, 07/29/2020 – May 23rd of this year marked the one-year anniversary for Independent Financial Partners’ (IFP) departure from LPL Financial (LPL). A year ago, IFP launched its own broker-dealer and transitioned almost 200 financial professionals from LPL’s hybrid RIA environment to its new broker-dealer. Since the launch, IFP has added over 40 financial professionals to its roster, totaling over 240 financial professionals affiliated with the firm within its first year.
“The process of setting up the broker-dealer with FINRA, navigating the exit from LPL, and establishing operational protocols for the new entity was quite an undertaking,” says Bill Hamm, IFP’s Chief Executive Officer. “Luckily we made it successfully to the other side, we’ve seen strong growth in the first year, and there are numerous advisors looking to join our firm in the near future, which I think validates what we’re trying to do here.”
The management team at IFP knew they faced an uphill battle when they chose to leave LPL and start their own firm, but they also knew it was the only way to reach their full potential. “We’re control freaks,” says Chris Hamm, IFP’s Chief Operating Officer. “We want to control the entire financial professional experience, and you can’t do that unless you’re on your own. We offer four custodian options for advisory accounts, with no admin fees. We’re currently building out our proprietary software, Advisor[X]™, which will eventually power everything our financial professionals do, from onboarding to service requests to lead generation. These are things we wouldn’t be able to do within the confines of another broker-dealer.”
So now that IFP is in control, what next? As Bill Hamm explains, “Our focus right now is ensuring our operational processes and basic blocking and tackling become our competitive advantages. We’ve had a lot to learn in terms of what it means to be a broker-dealer, and we’ve got some catching up to do to compete with the big boys. We feel we can be quicker and nimbler than the larger firms of the world, and we intend to use that to our advantage. Most firms out there are stuck in the past, and, while it was painful, we left LPL so we could become the future. Stay tuned.”
Independent Financial Partners (IFP) is a broker-dealer and registered investment adviser, supporting over 240 financial professionals around the country. Financial professionals affiliated with IFP have the option to manage advisory assets with four custodians: Pershing, Fidelity, Charles Schwab, and TD Ameritrade. As of June 30th, 2020, IFP’s financial professionals oversee over $6 billion in assets under management.
Securities offered through IFP Securities, LLC, dba Independent Financial Partners (IFP), member FINRA/SIPC. Investment advice offered through IFP Advisors, LLC, dba Independent Financial Partners (IFP), a registered investment adviser.