Bill Hamm taps Pershing, lays groundwork for new IBD after LPL exit
May 17, 2018 By Tobias Salinger, Financial Planning Just one month after saying it would leave LPL Financial, Bill Hamm’s Independent Financial Partners has taken a major step in laying the groundwork for its new independent broker-dealer by selecting Pershing as its primary custodian. The hybrid RIA and office of supervisory jurisdiction will launch its new IBD in the first or second quarter of 2019, Hamm said in an interview. With 530 advisors and $10 billion in assets under management, the new IBD will offer expanded choices, lower prices and better technology, Hamm added. Hamm’s April announcement that IFP would split from the nation’s largest independent broker-dealer marked the largest exit from LPL since Ron Carson’s firm left for Cetera Financial Group in early 2017. It also represented the largest practice to leave LPL...