LaSalle St., a family of wealth management firms based in Chicago, will be getting capital to further its growth plans under an agreement with Live Oak Bank, the firm announced.
The funding will enable LaSalle St. to take advantage of opportunities it sees in the marketplace, including potential mergers and acquisitions, said Mark Contey, chief marketing officer, in an interview.
“By fostering this relationship with a trusted industry partner, LaSalle St. can continue to offer options that allow the firm to move quickly and provide compelling solutions as we drive our growth through recruiting, succession planning and M&A,” he added.
LaSalle St. includes LaSalle St. Securities, an independent broker-dealer; LaSalle St. Investment Advisors, an RIA registered with the Securities and Exchange Commission; and LaSalle St. Insurance Services, a provider of annuity and insurance products. The firm has 300 reps and about $13 billion in assets under management, according to its website.
In the past, the company self-funded its expansions, but there are some opportunities where that may not be possible, which is what prompted the partnership with Live Oak Bank, Contey said. He could not comment on the amount of funding that would be available or specific additions the firm may make in the future.
Live Oak Bank is a digitally focused, FDIC-insured bank with significant experience supporting wealth management enterprises across the country.
“There are a lot of advisors who are on the move right now, and our recruiting pipeline is stronger than it has been in the last four or five years,” Contey said. “We want to be in a position where we can take advantage of that.
“We are looking for firms that fit with LaSalle St., including ones looking for succession planning. LaSalle St. continues to operate from a position of strength,” he said.