Several days ago, Integrated Financial Partners®, which is headquartered in Waltham, MA, said it has hired seven new financial advisors so far this year, a rise of 7.2 per cent this year and retaining 98 per cent of advisors.

Its growth isn’t the kind of performance that sets the world alight but it is evidence of a deliberate expansion strategy and demonstrates the kind of business thriving in North American wealth management.

“We feel our success with accounting firms has positioned IFP for growth around the country. The combination of revenue growth and higher practice valuations is an exciting combination in today's environment. The only challenge we face is meeting and hiring new potential financial advisors for our business model. New accounting firm partnerships are exceeding our ability to find qualified advisors,” Paul Saganey, Founder and President of IFP, told Family Wealth Report when questioned about IFP’s recent update on results.

The firm has over 200 registered representatives in total; it claims that its headcount growth stands out when, as according to a recent report by Cerulli Associates, industry figures show an annual decline of 1.4 per cent per year.

IFP said the main driver of staff growth is the IFP CPA Professional Partners Program, which allows CPAs and accountants to team up with IFP advisors to generate qualified business opportunities and enhanced client service offerings.

IFP provides advisors with marketing, training, planning, case design and compliance support, as well as its CPA Professional Partners Program.

This publication asked IFP to describe what it does and its business model.

“Integrated Financial Partners was established in 2003 to help advisors significantly increase their revenues and value of their practice by establishing revenue-sharing relationships with accounting firms. Access to higher net worth clients is provided by the accounting firms in our partnership program. Advanced case design and case preparation along with marketing to the clients of accounting firms is supported by IFP to the advisors who are meeting these higher net worth clients,” Saganey said.

Asked what sort of targets it sets, Saganey replied: “We are looking for advisors that have reached a 'ceiling' of production and need help getting to the next level. Our business model is proven and has impacted numerous advisors here at IFP. Our first expansion in to Virginia has been a tremendous success. We are looking forward to continued growth in selected cities around the country.”

"We are always looking to acquire new firms or groups of advisors that appreciate our capabilities. We are not looking to be acquired or merged with another company,” he continued.

Asked whom the firm saw as its main rivals, he added: “There are a number of smaller 'boutique' planning firms we compete with. I am not aware of a competitor that has the size, past success, marketing capabilities and ability to handle higher net worth planning opportunities.”