Broker-Dealer Profiles 2020
Independent Financial Group: Challenging The Status Quo
A conversation with IFG’s Founders, Scott Heising, Joe Miller and David Fischer
Q: Another industry publication ranked IFG #8 in Women as a Percent of Producing Reps. What does this mean to you?
A: We’re honored to have made this list. Reducing the gender gap, both within our company and for affiliated advisors, is an initiative we take very seriously at IFG. In fact, three of our top 10 producing advisors are women, including our top producing advisor overall. But let’s face it, the financial services industry has done a poor job recruiting and supporting female advisors. That must change. Thankfully, the dialogue around this issue is growing every day, and events like Financial Advisor magazine’s upcoming Invest In Women Conference, which we’re a sponsor of this year, are certainly stepping in the right direction.
Q: With so many broker-dealers as public entities, why does IFG continue to be privately held?
A: It’s been said that money is the reward for solving problems. Well, we believe going public would only be creating more problems for our affiliated advisors, rather than solving them. At the end of the day, remaining privately held is a huge advantage for us and our affiliated advisors. Just as they have a fiduciary responsibility to their clients, being private allows us to truly act in our advisors’ best interests. We’re not taking orders from Wall Street or a private equity firm.
Q: At just 17 years old, IFG is the youngest in the upper echelon of IBDs. How did you do it so quickly?
A: While we may be “young”, we’re very well-seasoned. There’s nearly 100 years industry experience between the three founders alone, and on average, our department heads have 15+ years of relevant industry experience. Our business model revolves entirely around personalized service. This means our advisors know exactly who they will be talking to each time they pick up the phone. It also means our technology stack is provided by third-party vendors who focus solely on creating the best technology available. We make our money by helping our advisors grow their businesses, not by nickeling-and-diming them for the “privilege” of working with us.
Q: Last year you announced your partnership between IFG and fintech company RightCapital. What innovations are you currently working on?
A: RightCapital is truly positioned to disrupt the financial services industry, and it’s about time. Ultimately consumers benefit the most, but RightCapital’s approach is to make it easier and more cost-effective for advisors to work with clients with less assets and more potential, including Millennials and Gen Z. In February 2020, we launched RightPay enabling financial advisors to charge financial planning fees via credit card all within the RightCapital app. From our viewpoint, RightCapital is to financial services what Tesla is to the automotive industry.
IFG was recently named San Diego’s 12th largest privately held company by the San Diego Business Journal and supports more than 620 independent registered representatives across the US. IFG is an Inc. 500|5000 Honor Roll member, and its notable successes have been recognized in numerous financial services industry publications.
CONTACT: Julia Kohan, Recruiting Specialist | [email protected] | 800.269.1903 ext. 212
Independent Financial Group, LLC | 12671 High Bluff Dr, Suite 200, San Diego, CA 92130 | www.ifgsd.com