Overview As firms prepare their annual ADV updates or review their compliance programs, one area […]
TAMPA, Fla., 06/18/2018 -Independent Financial Partners (IFP) has chosen Compliance Risk Concepts (CRC) to implement its broker-dealer filing. The Tampa-based RIA announced on April 6 its separation from LPL Financial in favor of creating its own broker-dealer (BD).
Establishing a BD requires the filing of a New Membership Application (NMA) with the Financial Industry Regulatory Authority (FINRA), which entails a significant investment of time and resources, as well as a deep understanding of the regulatory requirements impacting broker-dealers. IFP set out to find a compliance services organization that could assist in the filing of the application. After conducting its due diligence, IFP decided to move forward with the expert guidance of CRC. IFP anticipates attaining FINRA approval in late 2018 or early 2019.
CRC Founder Mitch Avnet formed the New York-based firm more than five years ago.
“We believe CRC has the deep knowledge and experience required to deftly navigate the New Membership Application process with FINRA,” says Bill Hamm, CEO of IFP. “Partnering with CRC should demonstrate to the industry, and more importantly our advisors, that we are devoting the appropriate resources to help ensure that our broker-dealer will be solidly established while striving for 100 percent compliance from the outset. It is critical to us that our compliance program is primed and fully-operational as soon as the BD application is approved to facilitate a smooth transition for our advisors.”
CRC is a comprehensive compliance partner, offering full outsourced and co-sourced compliance execution services focused on the broker-dealer vertical. CRC’s diverse and robust team of compliance professionals have been engaged to provide critical guidance and services to support the important transition to becoming a broker-dealer. Upon receiving approval from FINRA, CRC will provide ongoing compliance support to IFP for a period of time, further ensuring seamless integration for IFP’s advisors and clients.
Avnet and the team at CRC are excited to work with a technology-focused firm like IFP.
According to Avnet, “I’ve gotten to know Bill and IFP over the past several months and I can say they are truly looking forward to creating a broker-dealer of the future. We will partner with IFP to build a compliant infrastructure that is powered by advanced technology. I am beyond thrilled that they chose CRC to embark on this exciting journey.”
Family-owned and privately-held since it was founded in 2000 by CEO William Hamm Jr. on the principals of independence, flexibility and collaboration, Independent Financial Partners (IFP) is a comprehensive financial advisor support firm with home/corporate offices in Tampa, Florida, and Phoenix, Arizona. It is dedicated to delivering personalized service to a growing network of more than 520 independent advisors nationwide, allowing them to better focus on the needs of their clients.
An SEC Registered Investment Adviser (RIA) and an Office of Supervisory Jurisdiction (OSJ), IFP works directly with its advisors to provide them technological, compliance, marketing, business development, and operational support. As of Dec. 31, 2017, IFP’s advisors have more than $40 billion in assets under advisement. The firm has annually earned the trusted CEFEX certification for support services for adhering to the industry’s best practices since 2014. For more information, visit www.ifpartners.com. Follow the firm on Twitter at @IF_Partners.