Independent Financial Partners, a hybrid RIA in Tampa, is joining forces with another Florida firm, Private Wealth Alliance, a Fort Lauderdale concern focusing on the institutional advisor channel to create an unusual melding of services.
Now part of the Independent Financial Partners family of companies, IFP Institutional Services will do business as Private Wealth Alliance, managing more than $500 million in assets for 5,000 clients, and supporting advisors in community and regional banks and credit unions nationwide with $200 million to $21 billion in assets.
IFP’s advisors will be able to access Private Wealth Alliance’s bank relationships, opening up a new pipeline of potential clients. In turn, Private Wealth Alliance will be able to tap into IFP resources such as wealth management and insurance.
“As we look to grow IFP Institutional Services, we will look to build relationships with additional banks throughout the country,” said William Hamm, CEO of Independent Financial Partners. “This initiative is part of our multi-silo strategy to build up our presence in institutional services, as well as retirement plans, insurance and wealth management.
Private Wealth Alliance was spun off from BankUnited by owner Dan Overbey in 2014. After the new merger, Overbey becomes managing director of IFP Institutional Services, overseeing Private Wealth Alliance’s team of 40 investment professionals.
Founded in 2000, Independent Financial Partners reported just under $6 billion in assets under management at the time of the announcement and $59 million of revenue in 2013.