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Chicago-based LaSalle St. is moving to offer its 300 financial advisors interest-free loans to support succession planning deals. The loans will range from $250,000 to $750,000 can be used to add advisors affiliated with other firms.
The firm, which includes a broker-dealer, RIA and some $10 billion of client assets, says the new loan program includes free consulting and valuation services. It should be rolled out over the next 12 months.
"Far too often, advisors face unnecessary constraints when pursuing succession planning deals," said Mark Contey, head of Business Development for LaSalle St., in a statement.
"Paying 7% to 10% interest rates is a major obstacle, as is involving third-party lenders that require time-consuming extra paperwork and approvals," Contey explained. "For that reason, we expect to see significant interest from our advisors out of the gate and fast growth in the months to come."
After the firm helped advisors with some succession planning deals over the past year or so, "it became clear that many … have great enthusiasm and need for a truly one of a kind approach in the industry," according to CFO Dan Schlesser.
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