TAMPA, Fla., March 1, 2016 /PRNewswire/ -- Independent Financial Partners (IFP), a hybrid registered independent adviser in Tampa, Florida, with nearly $6 billion in assets under management, has launched a Women's Advisory Council, called Amplify, to better support their existing network of women advisors and attract more prospective women advisors to the firm.
Senior Vice President and Director of Human Resources Karen Hamm and Client Liaison Octavia Smith had been noticing more and more that women advisors joining IFP experienced similar challenges: creating impactful marketing for their businesses, product knowledge and balancing the demands of their families and personal commitments. These common issues, and others, seemingly stem from the fact that these high performers who choose to enter a male-dominated field tend to shoulder a lot of responsibility and struggle with time management, while striving to perform at the highest level possible to manage a successful practice.
Hamm and Smith reflected on why IFP lacked a significant number of women in their recruiting pipeline and what the firm was doing to address the needs of its current female advisors. Approximately 10 percent of IFP's more than 450 advisors are women, leaving plenty of room for growth. Industry-wide, approximately 23 percent of financial advisors are women.
"Two-thirds of the $22 trillion expected to be under private management in 2018 will be controlled by women consumers and reports show that 70 percent of them would prefer to work with a woman advisor," Smith said. "We view this as a great opportunity for IFP."
Amplify will host its inaugural event March 5 in conjunction with the IFP National Conference in Clearwater, Florida. The event will feature a presentation by Adri Miller Heckman, a financial professional coach and the author of "Keys to the Ladies Room: A New Business Model for Financial Advisors."
The council will allow female advisors from different generations to learn from one another and offer varied perspectives on some of the issues they face. It will present a forum to exchange ideas, resources for better practice management and education on products, strategies and techniques that may be useful in client interactions. The initiatives and priorities of the council will be dictated by the women who are involved, not by IFP management.
"Our female advisors have told us that they prefer to rely on and learn from other women," Hamm said. "We believe there is strength in numbers and that everyone involved will benefit from communing with people who think like they think."
The event will be a turning point in the evolution of women advisors at IFP.
"We will know the Women's Advisory Council is a success when we have more female advisors who have decided to visit our home office as part of our recruiting initiatives," Smith said. "When they take the time to travel to our office, we'll know that our story has positively resonated with them."
About Independent Financial Partners
Independent Financial Partners (IFP) is an SEC Registered Investment Adviser (RIA) and comprehensive wealth management firm located in Tampa, Florida. Operating on the LPL Financial hybrid RIA platform, IFP is a multi-custodial hybrid RIA platform that is focusedon delivering personalized, concierge-level service to a network of more than 450 advisors nationwide. Founded in 2000 by CEO William Hamm Jr., CFA, CFP®, CLU, IFP is a privately held, family-owned firm with the primary goal of improving the lives of its advisors and their clients. The firm provides the tools and support needed for advisors to grow their practices, including some of the industry's most innovative technology, responsive back office support and access to an unparalleled network of seasoned financial services professionals.
IFP has just under $6 billion in assets under management as of 12/31/14, and as such, continues to attract entrepreneurial-minded financial advisors and advisory groups seeking a unique, independent advice solution for their families and clientele. For more information, visit www.ifpartners.com.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Independent Financial Partners, a registered investment adviser and separate entity from LPL Financial.
SOURCE Independent Financial Partners