Investment Advisory News

The Investment Advisory category is for all Investment Advisory related posts.

Fidelity Launches New Program To Help Independent Advisors

By |June 11th, 2013|

Announces Strategic Alliance with Live Oak Bank to Offer Financing Options
BOSTON, June 11, 2013 — Fidelity Institutional Wealth Services, a division of Fidelity Investments®, today unveiled a new program designed to help registered investment advisors (RIAs) plan and execute mergers and acquisitions (M&A). This comprehensive offering includes the three components that advisors need to successfully execute an effective M&A program: insights and education regarding M&A strategy, connections to firms that are looking to buy another firm or be acquired and access to financing.

According to a 2011 Fidelity studyi, within the next three years, nearly two-thirds (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,” said David Canter, executive vice president and head of practice management and consulting at Fidelity Institutional Wealth Services. “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.”

Through a strategic alliance with Live Oak Bank, Fidelity is providing its RIA clients access to discounted pricing on loans and a dedicated servicing team that can help streamline the loan acceptance processii. Live Oak Bank is a small business lender and can provide financing to certain advisors for loans up to $5 [...]

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    Live Oak Bank Continues to Evolve with New Investment Advisory Financing Vertical

Live Oak Bank Continues to Evolve with New Investment Advisory Financing Vertical

By |November 2nd, 2012|

Tuesday, November, 20, 2012 – Wilmington, NC - Live Oak Bank is proud to announce a major commitment to providing much needed financing in the Investment Advisory industry. After extended industry research, Live Oak has gathered a team of lenders and industry experts to address the gap in financing for Independent Investment Advisors. The Live Oak lending product offerings include merger & acquisition, succession funding, partner buy-in/out, expansion, operating capital, refinance, loan payoff, start-up and real estate.

In speaking with numerous investment advisors and industry resources, it became clear that many advisors had strategic plans for succession or expansion without a clear financial resolution to precede these transactions. With no formal industry lending programs available, Live Oak has come up with the valuable solution to fill this gap and provide real cash flow lending. Through leveraging the success of other LOB lending verticals, the bank is able to view collateral differently coupled with their niche industry focus.

“We clearly see a gap in financial options and are committed to filling that gap,” said Steve Smits, General Manager of Live Oak and former Associate Administrator for the Office of Capital Access at the U.S Small Business Administration. “We believe working on strategic partnerships with key third party organizations will be the key to success and growth of development,” Smits added. “I’m excited about this niche focus having been within the industry and realizing the great demand in lending needs. This opportunity will cater to that demand,” said Jason Carroll, managing director of Advisory Lending at Live Oak Bank.

The Live Oak team of Investment Advisor industry experts, coupled with their lending industry background, enables them to structure loans designed to meet the unique opportunities facing the Investment Advisor industry. [...]

Steve Smits Joins Live Oak Bank

By |February 13th, 2012|

Former Associate Administrator for the Office of Capital Access at the SBA

Tuesday, February 14, 2012 – Wilmington, NC – On February 6th, Live Oak Bank proudly welcomed Steve Smits, former Associate Administrator for the Office of Capital Access at the Small Business Administration, in the role of General Manager. While in Washington, Smits oversaw the agency’s programs and operations that allowed for the expansion of funds across more industries, providing financial assistance to more small business owners and entrepreneurs. He also oversaw the agency’s reforms to make it more responsive to both borrowers and lenders, which includes the implementation of the provisions to the Small Business Jobs Act which was signed into law by President Obama in September 2010.

Before coming onboard with the SBA in October 2010, Smits was a leading lender in the small business community. His previous career experience is comprised of managing SBA loan operations and portfolios for top financial institutions such as Quadrant Financial, PNC, FCNB Bank of Rockville, MD and Mid-Atlantic Financial Partners. Combined, he has more than 20 years of experience providing financial solutions to small business owners. Smits earned a master’s degree in Business Information Systems from Johns Hopkins University and a bachelor’s degree in Finance from Saint Vincent College in Latrobe, Pennsylvania.

We are thrilled to bring on one of the top SBA experts in the country,” stated Chip Mahan, Live Oak Bank’s CEO. “His wealth of experience in both Small Business Lending and SBA programs will be a great asset as we continue to build out the Live Oak platform.”