Independent Financial Partners, an RIA that is affiliated with LPL Financial’s (LPLA) hybrid platform, says it has merged with Private Wealth Alliance.
Tampa-based IFP serves more than 500 advisors and has about $6 billion in assets under management, while Private Wealth Alliance includes about 40 investment professionals with $500 million in assets; it has advisors in community and regional banks and credit unions, and these financial institutions have between $200 million and $21 billion in assets.
“The advisors of Private Wealth Alliance now have access to a multitude of resources from IFP, including direct access to seasoned advisors in wealth management and insurance, to further expand their client offerings,” said Dan Overbey, managing director of IFP Institutional Services and Private Wealth Alliance, in a statement.
With the deal, IFP advisors can now access Private Wealth Alliance’s bank relationships, meaning they can “tap into a direct pipeline of potential clients – the banks’ customers,” the groups say in a press release.
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“As we look to grow IFP Institutional Services, we will look to build relationships with additional banks throughout the country,” said William Hamm, CEO of Independent Financial Partners, in the release. “This initiative is part of our multi-silo strategy to build up our presence in institutional services, as well as retirement plans, insurance and wealth management. The banking channel is an important leg on the IFP stool.”
Other LPL Developments
This news comes amid a bumpy week for LPL Financial.
LPL Financial agreed Tuesday to pay a total of $3.2 million to settle penalties regarding its sale of nontraded real estate investment trusts and leveraged ETFs.
Under a settlement reached with the North American Securities Administrators Association’s Non-Traded REIT Task Force, the San-Diego based LPL will pay civil penalties of $1.425 million to be distributed among 48 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands for its failure to implement an adequate sytem to supervise the sale of nontraded REITs, as well as its failure to enforce its written procedures regarding the sale of the illiquid trusts.
In a joint settlement reached the same day with the Massachusetts Attorney General and the Delaware Attorney General, LPL’s Boston arm agreed to pay $1.8 million for placing approximately 200 Massachusetts clients into “risky” leveraged ETFs.