Independent Financial Group LLC
Independent Financial Group LLC
Clearing firm: Pershing LLC
No. advisers: 615
No. franchises: 365
AUM: $30,108,100,000
Year founded: 2003
Year end: Dec. 31
No. of retail offices: 370
For More Information
| CEO | Scott Heising, Joe H. Miller, David A. Fischer | |
| Top Executive | Scott Heising | |
| Recruiting Contact | Julia Kohan (800) 269-1903 | |
| Compliance Contact | Sarah Kreisman (800) 269-1903 | |
| Marketing Contact | David A. Fischer (800) 269-1903 | |
| Technology Operations Contact | Mason Moore (800) 269-1903 | |
Recruitment & Staffing
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| No. of reps | 615 | 615 | 620 |
| No. of reps, male | 481 | 475 | 478 |
| No. of reps, female | 134 | 140 | 142 |
| No. of producing reps | 538 | 553 | 540 |
| No. of producing reps, male | 451 | 455 | 444 |
| No. of producing reps, female | 87 | 98 | 96 |
| No. of reps producing $100K-$499K /year | 259 | 267 | 256 |
| No. of reps producing $500K+ /year | 98 | 97 | 92 |
| No. of CFPs | 88 | 91 | 90 |
| No. of full-time employees | 80 | 82 | 81 |
| No. of fee-based advisers served | 450 | 404 | 435 |
| Average payout per rep, per year | $334,000 | $294,100 | $270,500 |
| Avg. annual production of top 20% reps | $1,046,000 | $1,007,300 | $1,233,900 |
| Total payout, per year | $167,982,600 | $161,728,400 | $148,782,900 |
| Cost of E&O insurance per rep, per year | 3480 | 3480 | $3,480.00 |
| Affiliation fees charged per rep, per year | N/A | None | None |
| Affiliation fee coverage | N/A | N/A | N/A |
| $0-$249,999 | $250K-$499,999 | $500K-$749,999 | $750K-$999,999 | $1,000,000+ | |
|---|---|---|---|---|---|
| Mutual funds | 86%-90% | 90% - 91% | 91% - 92% | 91% - 92% | 92% - 93% |
| Insurance | 86%-90% | 90% - 95% | 91% - 92% | 91% - 92% | 92% - 95% |
| Variable annuities | 86%-90% | 90% - 91% | 91% - 92% | 91% - 92% | 92% - 93% |
| Limited parterships | 86%-90% | 90% - 91% | 91% - 92% | 91% - 92% | 92% - 93% |
| Securities | 86%-90% | 90% - 91% | 91% - 92% | 91% - 92% | 92% - 93% |
| Required minimum production | $150,000 | ||||
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total revenues | $197,100,000 | $193,497,500 | $174,207,800 |
| Commission revenues | $94,256,000 | $99,112,500 | $89,474,900 |
| Securities revenues | $14,717,000 | $7,050,000 | $5,351,000 |
| Securities revenues: Stocks | $10,308,400 | $4,577,000 | $2,883,700 |
| Securities revenues: Bonds | $4,356,500 | $2,442,600 | $1,982,000 |
| Securities revenues: ETFs | — | — | $450,000 |
| Securities revenues: Other | $52,100 | $30,400 | $35,300 |
| Mutual fund revenues | $20,725,700 | $21,918,600 | $16,642,900 |
| Annuities revenues | $42,287,400 | $46,070,000 | $48,927,100 |
| Annuities revenues: Fixed | $2,029,700 | $4,266,000 | $3,506,500 |
| Annuities revenues: Variable | $35,009,200 | $39,043,400 | $41,454,200 |
| Annuities revenues: Other | $5,248,500 | $2,760,600 | $3,966,400 |
| Insurance revenue | $3,453,400 | $1,113,500 | $1,364,900 |
| Insurance revenues: Life | $3,014,700 | $799,100 | $1,211,200 |
| Insurance revenues: Disabilities | $13,900 | $12,100 | $9,000 |
| Insurance revenues: LTC | $424,800 | $302,300 | $144,700 |
| Insurance revenues: Other | — | — | — |
| Alternative revenues | $13,072,500 | $22,960,400 | $17,189,000 |
| Alternative revenues: Hedge funds | — | — | — |
| Alternative revenues: Managed futures | — | — | — |
| Alternative revenues: Private placements | — | — | — |
| Alternative revenues: REITs | $3,040,300 | $8,138,100 | $4,523,700 |
| Alternative revenues: Other | $10,032,200 | $14,822,300 | $12,665,300 |
| Other commission revenues | — | — | — |
| Fee revenues | $91,551,500 | $80,880,500 | $73,559,400 |
| Fee revenues: Rep-managed accounts | $36,280,000 | $32,786,700 | $29,197,700 |
| Fee revenues: Firm-managed accounts | $30,746,000 | $24,355,400 | $18,618,100 |
| Fee revenues: Outside-managed accounts | $20,263,300 | $20,180,800 | $22,902,700 |
| Fee revenues: Other | $4,262,200 | $3,557,600 | $2,840,900 |
| Total revenues: Other | $11,292,500 | $13,504,500 | $11,173,500 |
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total account assets | $31,636,000,000 | $30,108,100,000 | $26,955,500,000 |
| Fee-based assets | $9,444,873,000 | $8,003,238,000 | $6,837,566,000 |
| Fee-based assets: Clearing firm | $4,906,650,000 | $3,849,335,000 | $2,780,736,000 |
| Fee-based assets: Advisory firm platforms | $1,441,000,000 | $1,451,244,000 | $1,271,380,000 |
| Fee-based assets: Third-party money managers | $2,141,223,000 | $1,540,549,000 | $1,750,624,000 |
| Fee-based assets: Other | $956,000,000 | $1,162,110,000 | $1,034,826,000 |
| Total account assets: Other | $22,191,127,000 | $22,104,862,000 | $20,117,934,000 |
| Average assets per rep | $51,440,650 | $48,956,260 | $43,476,613 |
| Social Media & Mobile | |||
| Allows advisers to use social media | Y | ||
| Social media sites allowed | Facebook | ||
| Dedicated mobile application for advisers? | Y | ||
| Primary purpose of mobile application | Access to client holdings and activity | ||
| Software Offered | |||
| Account aggregation software | Albridge Wealth Reporting (Albridge, an affiliate of Pershing) Envestnet |
||
| Compliance software | Albridge Sales Practice Monitoring (an affiliate of Pershing) RegEd |
||
| CRM | Redtail CRM (Redtail Technology) | ||
| Document management | — | ||
| Financial planning | eMoney360 (eMoney Advisor) MoneyGuidePro (PIEtech Inc.) Morningstar Advisor Workstation (Morningstar Inc.) |
||
| Portfolio management | Albridge Wealth Reporting (Albridge, and affiliate of Pershing) | ||
| Portfolio rebalancing | Advisor Rebalancing (Envestnet/Tamarac) | ||
| Robo-advice | |||
| Offers robo-advisory platform? | Y | ||
| If not, when plans to offer a robo-platform | — | ||
| Robo-advice services offered | — | ||
| How robo-platform developed | Purchased an off-the-shelf third-party platform | ||
| Charge for robo-advisory services? | N | ||
- Notes
- N/A = Not available
- N/D = Not disclosed
- — = Information not available or not disclosed
All 2011-2016 recruitment and staffing data is as of Dec. 31 in the calendar year displayed. Prior year recruitment and staffing data is as of Sept. 30. All financial figures are for firms' year end, unless noted.
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