Tampa, Fla. May 22, 2019 \u2013 Independent Financial Partners (IFP) has announced the official termination of their contract with LPL Financial (LPL) today, and that the firm has begun the process of transitioning to its new independent broker-dealer entity. <\/p>\n\n\n\n
Leaving LPL with more than 200 financial professionals and thousands of client accounts, IFP now faces the process of repapering those accounts and transferring the assets to Pershing, IFP\u2019s chosen clearing firm and custodian \u2013 a welcome final step to becoming truly independent.<\/p>\n\n\n\n
\u201cEveryone at IFP is excited that this day is finally here,\u201d Bill Hamm, IFP\u2019s CEO, exclaims. \u201cWe\u2019ve overcome so many obstacles to get to this point, and to be able to finally start moving accounts and getting our financial professionals transitioned is a relief. We\u2019re nearing the finish line of true independence, and I can\u2019t wait to cross it.\u201d<\/p>\n\n\n\n
The past 12 months haven\u2019t been smooth sailing for Hamm\u2019s firm. Prior to announcing they\u2019d be leaving LPL, IFP\u2019s hybrid RIA and OSJ supported 460 producing financial professionals around the nation. As a broker-dealer and RIA, IFP will be starting out with half that number.<\/p>\n\n\n\n
Bill Hamm explains further, \u201cWhen we decided to go down this path, I told our financial professionals that we weren\u2019t 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 financial professionals that they\u2019d 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. We also expected that during the year, other LPL OSJ\u2019s would poach and recruit our financial professionals. However, that didn\u2019t 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.\u201d<\/p>\n\n\n\n
And that disruption starts now. In a world where broker-dealers continue to increase admin fees on advisory platforms, the new IFP model provides an option without them. In a world where broker-dealers don\u2019t allow financial professionals to text clients, IFP is providing the technology to do so. In a world where broker-dealers are driven by stock price, IFP will be owned in part by financial professionals who will have a say in the company. IFP was built on transparency, honesty, and accessibility to firm leaders, tenants that are surprisingly novel to many financial professionals, and the firm will continue to evolve based on that foundation.<\/p>\n\n\n\n
Chris Hamm, Bill\u2019s son and chief operating officer of IFP, is excited to help build and grow the firm on top of that foundation. \u201cOur financial professionals are with us because they trust Bill, and as an extension, they trust our firm. Trust in leadership what our financial professionals care about most, and that\u2019s why financial professionals are attracted to our platform. And now that we\u2019re in full control, we can grow our firm as we see fit and with our financial professional’s needs in mind. We were capped on growth potential at LPL, but now our potential is unlimited. And, now that we\u2019re on an even playing field, we can\u2019t wait to have the ability to recruit from our competitors.\u201d<\/p>\n\n\n\n
Speaking of recruiting – more than 30 new financial professionals are set to join the firm in the coming months. And as a result, Bill Hamm is excited about this next chapter.<\/p>\n\n\n\n
He concludes, \u201cIFP has been around since the year 2000, but it feels like this is just the beginning.\u201d<\/p>\n\n\n\n
Independent Financial Partners (IFP) 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 professionals. Founded in 2000 by William E. Hamm, Jr., IFP operated as a hybrid RIA and OSJ for 19 years before launching its own broker-dealer in 2019. IFP offers a platform for truly independent financial professionals, one built on choice, transparency, and financial professional feedback.<\/p>\n","protected":false},"excerpt":{"rendered":"
Officially launches independent broker-dealer Tampa, Fla. May 22, 2019 \u2013 Independent Financial Partners (IFP) has announced the official termination of their contract with LPL Financial (LPL) today, and that the firm has begun the process of transitioning to its new independent broker-dealer entity. Leaving LPL with more than 200 financial professionals and thousands of client […]<\/p>\n","protected":false},"author":2,"featured_media":374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release"],"yoast_head":"\n