Independent Financial Partners, a registered investment adviser and office of supervisory jurisdiction for LPL Financial, has hired Bill McCauley as its new chief financial officer.
McCauley most recently served as the director of finance for new ventures at McKinsey & Company, and previously as CFO of Transamerica Financial Advisors and CFO of MassMutual’s retail and wholesale broker-dealers.
McCauley’s hiring follows the addition of Jeff Acheson, current NAPA president, to IFP’s roster as head of the firm’s employer plan division, IFP Plan Advisors.
“We’re doing a lot of cool things at IFP, but we’re also doing a lot of new things,” Hamm said. “While we understand what starting a broker-dealer entails, having someone like Bill McCauley join the firm ensures that we have someone who knows how to interact with FINRA well.”
He added, “This individual plays a key role in setting up a unique ownership structure, which includes the ownership we’re giving to our advisors who move to the new broker-dealer with us. He has seen what a well-run broker-dealer looks like at a large scale and will bring that experience to IFP.”
In April, Independent Financial Partners announced plans to leave LPL and launch its own broker-dealer within 12 months. The firm joined LPL in 2007 following LPL’s acquisition of IFP’s former broker-dealer, Mutual Service Corporation.
“We didn’t decide to launch a broker-dealer because we’re bored; we decided to launch a broker-dealer because we see an opportunity to provide services to financial advisors in a way they’ve never seen before,” Hamm said. “We want to be the Uber or Amazon of our space, and we are adding the right resources and people to do that. All of the investments we are making in the evolution of our firm will ultimately benefit our advisors, who are our main stakeholders and first priority.”
IFP was founded in 2000 and has home/corporate offices in Tampa, Florida, and Phoenix, Arizona. It has more than 520 independent advisors nationwide with more than $40 billion in assets under advisement.