Live Oak Bank announced Tuesday that it has forged a strategic alliance with Fidelity Institutional Wealth Services that will enable Fidelity to give its registered investment advisors (RIAs) access to discounted pricing on loans and services from Live Oak that can streamline the loan acceptance process.
“Our partnership with Fidelity helps us reach out to the independent advisors whom they serve with our suite of products and services. Historically, there has been a lack of financing available to independent advisors,” said Micah Davis, Live Oak’s marketing director.
Live Oak provides small business loans to individuals in specific professions, including financial advisors. It can provide loans of up to $5 million to qualifying advisors for mergers and acquisitions as well as for internal succession plans and for advisors who want to set up their own firm, Davis said.
According to a release from Fidelity, a 2011 Fidelity study indicated that, within the next three years, 63 percent of RIAs that participated in the study would consider acquiring another firm, while more than one-third (38 percent) of the participating advisors would consider merging with another firm. Fewer -- just 16 percent of the participating firms -- were interested in selling their firms.
“While many RIAs are interested in M&A, the pace of deals has not been commensurate with the interest we’ve seen from advisors,” David Canter, executive vice president and head of practice management and consulting at Fidelity Institutional Wealth Services, said in the release. “We believe that is largely due to the lack of organizational focus, tools and third-party support needed to facilitate M&A -- so we’ve designed a program that combines those factors with the financing needed to implement a deal.”
“Fidelity is a great brand; they are very strong in financial services, so this is a great partnership for us. It gives us access to a strong network of independent advisors and aligns with our goal of serving the needs of the industry,” Davis said.
Intracoastal Angler To Grow With Two New Hampstead Stores
Emma Dill
-
Apr 30, 2024
|
|
Coyne Returns To Law Firm's Wilmington Office
Staff Reports
-
Apr 30, 2024
|
|
Wilmington-based Fishing App Wins NC IDEA Grant
Audrey Elsberry
-
Apr 30, 2024
|
|
Apartment Plans Move Ahead On Wooster Street
Emma Dill
-
Apr 29, 2024
|
|
Design-build Firm Welcomes Falvey As Director
Staff Reports
-
Apr 30, 2024
|
W.R. Rayson is a family-owned manufacturer and converter of disposable paper products used in the dental, medical laboratory and beauty indu...
With millions in committed funding from New Hanover County and the New Hanover Community Endowment, along with a land donation from the city...
Baristas are incorporating craft cocktail techniques into show-stopping coffee drinks, and bartenders are mixing espresso and coffee liqueur...
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.