Independent Financial Partners of Tampa, Fla., an independent RIA that uses LPL Financial (LPLA) as its broker-dealer, said Wednesday that it brought on 45 financial advisors in the second quarter. Plus, the RIA network had a 53% increase in revenue in Q2 compared with the year-ago period.
“The advantages of joining IFP are threefold: We offer a broad range of services to our advisors, we use economies of scale to keep our payouts high and, most importantly, we work to maximize the independence of our advisors,” said Independent Financial Partners CEO William Hamm Jr. in a press release.
Year to date, the firm says, it has boosted its advisor force by more than 50% over the total number of advisors who joined the firm during all of 2011. It now has close to 500 advisors and was the largest RIA firm in Florida, according to SEC data from May.
“Our goal is to provide our advisors with tools and resources to improve their business,” said Jennifer Tanck, president of Independent Financial Partners, in a statement. “The growth that we continue to see proves that our business model is robust and that our offerings are attractive to independent financial advisors.”
IFP says it increased its total revenue by 300% last year and insists it “is on track for another year of massive expansion.”
Recent additions to the independent RIA and LPL affiliate include nine advisors from Peregrine Diversified Investments of Dallas, who produce about $1.9 million in yearly revenue. Also, eight advisors joined from VALIC in Florida.
Over the past few months, other reps have come on board from Wells Fargo (WFC), Northwestern Mutual, Morgan Stanley (MS), Raymond James (RJF), Securities America, Lincoln, John Hancock, SunTrust (STI), Edward Jones, Girard Securities, Met Life (MET) and Ameriprise (AMP), among other firms.