LPL Financial says Integrated Financial Partners (IFP), which has 135 affiliated financial advisors with about $4 billion in client assets, is now using its broker-dealer and hybrid RIA custodial platforms.
Based in Waltham, Massachusetts, IFP has about 20 offices nationwide and works closely with CPA firms. It previously used the platforms of Lincoln Financial Advisors.
The news comes about 10 days after the news broke that LPL affiliate Carson Wealth Management, which has about $2.6 billion on the IBD’s platforms, is expected to switch over to Cetera Financial Group.
“We are thrilled to welcome IFP to LPL,” said Bill Morrissey, head of business development for the IBD, in a statement on Tuesday. “While I was immediately impressed by the innovative nature of their CPA partnership program, my respect for their unique value proposition grew after getting to know the IFP team and seeing firsthand the organization they have built to help advisors serve the needs of investors, particularly in the high-net-worth space.”
IFP executives say they appreciate what LPL brings to the organization.
“Watching LPL lead the industry in preparing for the DOL fiduciary rule and seeing our advisors’ excitement about what LPL’s new ClientWorks technology platform can do for their business made it clear that LPL is a firm that will grow with IFP and can continue to support us as our needs grow and evolve in the future,” said IFP President Paul A. Saganey, in a press release.