Florida-based Independent Financial Partners has merged with Private Wealth Alliance of Ft Lauderdale, Florida, combining the hybrid RIA platform and the institutional advisor channel.
Now operating in the IFP family of companies, IFP Institutional Services will still do business as Private Wealth Alliance. Private Wealth Alliance's team includes 40 investment professionals, who manage more than 5,000 clients with more than USD500 million in assets under management. It currently has advisors in community and regional banks and credit unions across the United States ranging from USD200 million to USD21 billion in assets.
"The advisors of Private Wealth Alliance now have access to a multitude of resources from IFP, including direct access to seasoned advisors in wealth management and insurance, to further expand their client offerings," said Dan Overbey, managing director of IFP Institutional Services and Private Wealth Alliance.
As a result of the merger, IFP's advisors now have access to Private Wealth Alliance's bank relationships, which brings opportunity for its independent advisors to tap into a direct pipeline of potential clients – the banks' customers.
"As we look to grow IFP Institutional Services, we will look to build relationships with additional banks throughout the country," says 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. The banking channel is an important leg on the IFP stool."
Overbey brings to IFP years of experience in institutional advisory services. His bank advisory career started at First Horizon National Corporation, where he launched the broker-dealer, insurance agency and advisory platform. Overbey later became president of Colonial Bank's broker-dealer, where he re-engineered its wealth, private banking and personal trust initiatives. He then joined BankUnited, where he led the successful spin-off of its wealth group into Private Wealth Alliance.
Overbey is also president of the Bank Insurance & Securities Association, his industry's largest professional association.
