In 2011, RIA Independent Financial Partners witnessed substantial growth in revenue, client AUM, and the number of financial advisors in its network.
Over 140 new advisors joined the firm last year, which was an increase of over 50% from last year and brought the total number of Financial Planners at the company to over 400. Revenues more than tripled, to $56.5 million from $15.6 million in 2010.
Founder and CEO William Hamm attributes much of the growth to the structure of the company. As a hybrid RIA, IFP provides both fee-based and commission based services and offers securities through a third party, LPL financial
“That gives us advantages from a branding standpoint, from a payout perspective, and from a compliance and consolidation perspective,” says Hamm. “That allows us to incentivize new representatives to come on board with us.”
Moreover, the firm benefited from an affiliation with National Retirement Partners, which LPL bought out in 2010. That move brought about 30 NRP offices with significant assets and around 100 representatives over to IFP.
“We continue to believe that the independent model is the future of the financial advisory business and appreciate the support we have from our broker-dealer, LPL Financial, and their assistance in recruiting new advisors to IFP,” says Jennifer Tanck, Esq., President of Independent Financial Partners.
Based in Tampa, Fla., the RIA portion of IFP currently oversees more than $10 billion in AUM.
Mason Braswell writes for Financial Planning.
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