TAMPA, Fla., Sept. 23, 2015 /PRNewswire/ -- Independent Financial Partners, based in Tampa, Florida, has merged with Private Wealth Alliance of Ft. Lauderdale, Florida, creating a unique marriage of 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 $500 million in assets under management. It currently has advisors in community and regional banks and credit unions across the United States ranging from $200 million to $21 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," 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. 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.

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 focused on delivering personalized, concierge-level service to a network of more than 500 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 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. Independent Financial Partners and Private Wealth Alliance are separate entities from LPL Financial.

SOURCE Independent Financial Partners

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http://www.ifpartners.com