Independent Financial Partners is teaming with technology company Advizr to provide financial planning software to the hybrid registered investment advisor and preparing its own broker/dealer next year.
Next spring, when IFP separates from LPL Financial and launches its own b/d, its advisors will have access to Advizr Workplace software, a suite of financial planning services for 401(k) plan participants. Both advisors and retirement plan sponsors will have access to results of a financial wellness assessment of plan participants. The suite also includes a resource center with educational materials and personal finance campaigns to drive participant engagement.
Jeff Acheson, the divisional president of IFP Plan Advisors, said in a statement that the technology will enable IFP to serve a “growing need we’re seeing from our plan sponsors and plan participants at an accessible cost.”
Advizr, which won the 401(k) Technology category at the 2018 WealthManagement.com Industry Awards, is the latest firm to partner with IFP. In September, IFP said it had contracted with three other software companies to support the brokerage when it launches: Agreement Express, Beam Solutions and Xtiva.
Other wealth managers see opportunities in the retirement plan market and have also worked to improve their services to both their advisors serving plan sponsors and participants. UBS Global Wealth Management debuted a program in October that enables its financial advisors to serve small 401(k) providers. Morgan Stanley Wealth Management also said in September it made improvements to its Financial Wellness Program for plan sponsor employees, including a 12-question assessment tool that scores employees on their financial well-being.
IFP, a super office of supervisory jurisdiction affiliated with LPL Financial, decided to break away in April and expects its new b/d will have 325 to 350 advisors when it launches next year, said Chris Hamm, IFP’s chief operating officer. But how many will leave with IFP versus stick with LPL remains to be seen. Some of the firm’s 500 advisors have already decided to stay with LPL, according to CEO Dan Arnold’s calculations.
But Hamm told WealthManagement.com he’s not counting any advisor unless they’ve already filed their Form U5 with FINRA, submitted within 30 days of a registered representative leaving a firm (in this case, LPL). “I’d rather have this conversation in April,” Hamm said.
