Tampa investment giant gets bigger

TAMPA — Independent Financial Partners, with around $6 billion in assets under management, has acquired a Fort Lauderdale-based financial advisory firm, Private Wealth Alliance.

Terms of the deal weren't disclosed.

Private Wealth Alliance, with 40 investment professionals who manage more than 5,000 clients, specializes in registered investment advisors that work inside bank and credit union branches. The company, with at least $500 million in assets under management, will continue to operate under its own name and also under the second name of IFP Institutional Services, according to a statement.

As a result of the merger, Tampa-based Independent Financial Partners will have access to Private Wealth Alliance's bank relationships, which offer a pipeline to potential clients, the statement adds.

“As we look to grow IFP Institutional Services, we will look to build relationships with additional banks throughout the country,” William Hamm, CEO of Independent Financial Partners, says in the release. “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.”

Independent Financial Partners was founded in 2000.