Independent Financial Partners (IFP) provides investment advisory services through its employees and hundreds of independent advisor representatives (IARs) across the country. The firm works with a variety of clients, including individuals and other financial advisors.
Independent Financial Partners Background
IFP has been providing services as a registered investment advisor (RIA) since 2008. Its home base is in Tampa, Florida. The firm is wholly owned by IFP Group, LLC, which is controlled by WKW Enterprises, Inc. The latter firm is owned by IFP’s CEO William E. Hamm and Chief Administrative Officer (CAO) Karen Hamm.
What Types of Clients Does Independent Financial Partners Accept?
IFP works with the following types of clients:
- Individuals who are or aren’t high net worth
- Pension and profit-sharing plans
- Charitable organizations
Independent Financial Partners Minimum Account Size
Account minimums depend on the IFP advisor or IAR. For the firm’s automated investment program via Schwab Performance Technologies, the minimum investment is $5,000. To enjoy its tax-harvesting feature, you’d need a minimum investment of $50,000.
Services Offered by Independent Financial Partners
IFP works with hundreds of IARs to offer a variety of services to its clients. These may include financial planning and portfolio management services. Depending on your needs and the expertise of the IAR you work with, your financial plan may cover various financial objectives including:
- Retirement planning
- Estate planning
- Trust management
- Tax preparation
IARs also can build and manage diversified portfolios to help you meet your long-term investing goals. The asset allocations would depend on the advisor’s analysis of your financial profile. The IAR would consider several factors such as your risk tolerance and time horizon.
In addition, your IAR may recommend the use of third-party asset managers.
Additionally, the firm works with other financial services firms such as Envestnet in order to assist individual clients and other financial advisors. Envestnet can provide advice around asset allocation, account rebalancing and other investment-related topics.
As alluded to earlier, IFP also provides access to robo advisor Schwab Performance Technologies (SPT). These services are available to individuals, individual retirement accounts (IRAs) and revocable living trusts.
The firm may utilize the custodial services of the following firms:
IARs may also provide services through outside firms they’re affiliated with. Nearly all of these IARs work in an RIA capacity. Some are also licensed and registered to sell investment and insurance products.
Independent Financial Partners Investment Philosophy
IARs working through IFP will have their own investment philosophies. That said, they’re generally not limited to investing in certain securities. Portfolios may invest in such securities as:
When evaluating these securities, an IAR may adopt various analytical methods. Among them is fundamental analysis. This involves making projections of a company's financial well-being by examining its historic performance and resources such as its financial records. The IAR uses this information to make investment decisions regarding the company's stock and other investments.
Fees Under Independent Financial Partners
IFP clients are generally charged investment advisory fees that are based on a percentage of their assets under management. That percentage typically can extend up to 3%, depending on the IAR. Complete details would be available on the investment advisory agreement.
What to Watch Out For
IARs working through IFP may be registered to sell investment or insurance products from third-party firms. This arrangement may incentivize some advisors to make certain recommendations for the added compensation.
However, IFP and the IARs it works with all operate as fiduciaries under the Investment Advisers Act of 1940. This means they are required to work in the best interests of their clients at all times. In addition, they are required to disclose potential conflicts. IFP also monitors all IARs providing services through the firm.
According to documents it recently filed with the Securities and Exchange Commission (SEC), IFP underwent three disciplinary events within the past 10 years.
In January 2012, IFP agreed to a stipulation and consent order with the State of Florida’s Office of Financial Regulation, which claimed that IFP and two of its IARs participated in investment advisory business without being properly registered in the state. IFP paid a $20,000 fine and also paid $10,000 fines on behalf of each IAR.
In 2013, IFP agreed to and paid an administrative penalty in the amount of $2,500 to the State of California’s Department of Business Oversight for failing to properly register an IAR in the state.
Also in 2013, IFP agreed to and signed a cease and desist order with the State of Oregons’s Department of Consumer and Business Services, Division of Finance and Corporate Securities for failing to properly license an IAR who had a place of business in the state. IFP paid a $3,600 fine.
Opening an Account With Independent Financial Partners
You can learn more about IFP by visiting their official website at http://www.ifpartners.com/ or by calling the firm at 813-341-0960.
Where Is Independent Financial Partners Located?
You can find IFP at 3030 North Rocky Point Drive West, Suite 700,
Tampa, Florida 33607.
Tips on Working With a Financial Advisor
- Keep in mind that there’s no definitive job description for a financial advisor. Not all provide the same services or are even held to the same standards. A professional designation like certified financial planner (CFP), though, tells you the advisor went through intensive training and examination and is bound by a fiduciary duty to put your best interests or face severe penalties.
- If you’d like to keep searching for the right financial advisor, we can help. Use SmartAsset’s pro matching tool. Within a few minutes, it connects you with up to three local advisors based on your financial goals. The tool also provides you with profiles for easy comparing and contrasting.
All information was accurate as of the writing of this article.