Independent Financial Partners (IFP) — an SEC-registered investment adviser and the office of supervisory jurisdiction for LPL Financial (LPL) — has informed LPL of its intent to create its own broker-dealer, to be up and running within the next 12 months.
In 2007, IFP joined LPL in conjunction with LPL’s acquisition of Mutual Service Corp., IFP’s previous broker-dealer. Since then, IFP has grown its network of financial advisers from approximately 100 in 2007 to over 520 today.
“There is a white space in this industry for an interface that not only intelligently integrates the many third-party software programs that independent financial advisers use to run their business, but also one that can perpetually adapt to change and quickly integrate with new and better technologies as they emerge,” said Chris Hamm, IFP’s COO. “We are looking to take advantage of that white space.”
