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.