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Independent Financial Partners says it has regulatory approval to launch its own broker-dealer and will start moving its advisors to the new BD from LPL Financial in April.
The RIA and office of supervisory jurisdiction says it has over 500 financial advisors. It has $9.5 billion in assets under management and $41 billion in assets under advisement in 2017.
“This is a momentous occasion for IFP, since we played with the idea of starting our own broker-dealer over four years ago,” according to CEO Bill Hamm. “After years of research later, we informed LPL in February of last year of our intentions, submitted our new member application in July, and we’ve now received the approval from FINRA of our new entity.”
IFP’s advisors that transition from LPL will move onto a platform that the new broker-dealer is building with BNY Mellon’s Pershing. The firm also plans to launch an interface for its advisors.
“We’re truly going to disrupt the independent broker-dealer and RIA industry …,” said COO Chris Hamm, in a statement. “Meanwhile we’ve got competitors trying to recruit our people, doubters and skeptics telling us all the reasons this won’t work, and so on. Soon, though, people are going to see what we’ve been up to.”