The two firms will target breakaway brokers looking to start their own investment advisory business as well as those with established practices. RIAs starting at $25 million in AuM terms can join the combined network.

IAN, which launched last month, will use tru Independence's services and infrastructure to provide clients with an open-architecture platform that is accessible online, with 24/7 technical support.

Meanwhile, IAN's back-office technology and consulting platform assists with compliance oversight, billing and client reporting, practice management, marketing strategies, business lending, and human resources/payroll, among other aspects of running an advisory business.

IAN allows RIAs on its platform to create or keep personal brands for their businesses, and will work with tru Independence to help RIAs facilitate and strengthen relationships with custodians.

“RIAs previously considered too small to go independent, or benefit from consulting and technology platforms, now have a viable outlet to become self-sustaining entrepreneurs—who can grow their businesses while enjoying the freedom to focus on their core mission of serving clients,” said Craig Stuvland, chief executive and president of tru Independence. 

Jeff Groves is CEO and partner of IAN; Linda Pix is COO; and Tracy Fitzpatrick is chief marketing officer.

The breakaway trend is expected to continue in the US as advisory firms look for the best ways to serve their clients without compromising control of their businesses. A Cerulli Associates study in April estimated that independent advisor channels in the US will represent 38 per cent of the asset market share by 2016.