Independent Financial Partners, a hybrid office of supervisory jurisdiction preparing to launch its own broker/dealer next year, has chosen BNY Mellon’s Albridge to provide wealth reporting capabilities to its 500 advisors.
IFP, a family-owned registered investment advisory firm currently on LPL Financial’s platform, announced plans last April to break away and launch its own b/d. Albridge is the latest vendor to join the firm’s technology stack. In September, it announced contracts with Agreement Express, a client onboarding platform, Beam Solutions, transaction monitoring compliance, and Xtiva, compensation management and reporting software.
In November, the firm said it was teaming with Advizr to provide financial planning services for 401(k) participants.
Albridge will allow advisors to aggregate client accounts, pulling client data, such as benchmarks, holdings and allocations, from all of IFP’s custodians. It will also be used by home office staff to pull in consolidated, clean transactional data.
“At most broker-dealers, advisors get basic account reporting but have to pay extra for a tool like Albridge,” said Chris Hamm, chief operating officer, IFP. “With us, it will be included in everyone’s technology fee, which will be in line with what advisors are currently paying for technology packages that don’t include out-of-the-box performance reporting.”
Some IFP advisors have decided to stay with LPL. Independent Advisor Alliance, an OSJ with about 170 advisors on LPL’s hybrid RIA platform, has recruited 51 advisors and $2.3 billion in client assets from IFP this year. Another 17 IFP advisors have committed to join that firm early next year.