Home News IFP Officially Launches Independent Broker-Dealer After Terminating LPL Contract

IFP Officially Launches Independent Broker-Dealer After Terminating LPL Contract

Independent Financial Partners has officially terminated their contract with LPL Financial and started the process of transitioning to its new independent broker-dealer entity.

Independent Financial Partners has officially terminated their contract with LPL Financial and started the process of transitioning to its new independent broker-dealer entity.

IFP left LPL, the nation’s largest independent broker-dealer, with more than 200 advisors and thousands of client accounts, and now must repaper those accounts and transfer the assets to Pershing, its chosen clearing firm and custodian.

“Everyone at IFP is excited that this day is finally here,” said Bill Hamm, IFP’s CEO. “We’ve overcome so many obstacles to get to this point, and to be able to finally start moving accounts and getting our advisors transitioned is a relief. We’re nearing the finish line of true independence, and I can’t wait to cross it.”

IFP noted that the past 12 months haven’t been smooth sailing. Prior to announcing they would be leaving LPL, IFP’s hybrid RIA and OSJ supported 460 producing financial advisors around the nation. As a broker-dealer and RIA, IFP will be starting out with half that number.

Bill Hamm explains, “When we decided to go down this path, I told our advisors that we weren’t going to announce a big move and only give them 30 to 60 days to make a decision like most firms do in this type of situation. We told our advisors that they’d have a year to do their due diligence, knowing that many of them would either take the path of least resistance and remain at LPL or find a more niche firm that was more suitable to their needs.

He added, “We also expected that during the year, other LPL OSJ’s would poach and recruit our advisors. However, that didn’t matter because we knew we had to take one step back to take two steps forward. We had to disrupt our business to become a disruptor in our industry.”

The company said that more than 30 new advisors are set to join the firm in the coming months.

Independent Financial Partners is a registered investment adviser, broker-dealer, and insurance agency providing technological, compliance, marketing, business development, and operational support to its network of over 200 financial advisors.

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