Wealth Management Award

Live Oak Bank Brings Home 2016 Wealth Management Industry Award

Live Oak Bank’s Investment Advisory team was named the 2016 Wealth Management Industry Awards winner in the Investment Banks, Lenders and Succession Planning Consultants category by WealthManagement.com. The Wealth Management Industry Awards honor outstanding achievements by companies and organizations that support financial advisors’ success. The goal is to inspire innovation and leadership among industry participants and to create an environment that better supports advisors as leaders to their clients and communities.

More than 400 nominations were submitted for the 2016 Awards, and a panel of judges made up of top names in the industry determined the winners. The winners were announced at a gala reception on September 29, 2016 at the Mandarin Oriental Hotel in New York City. This is Live Oak Bank’s second Wealth Management Industry Award.

Live Oak was lauded for its Advisor to Owner initiative. Advisor to Owner, Live Oak’s new succession financing program, is solving an industry-wide problem for firm founders: how to transition ownership to the next generation of advisors over time.

Many advisors want to sell their business to internal successors but find that junior partners lack the funds needed to buy into the business. Advisor to Owner, Live Oak Bank’s staged succession program, offers a series of loans that make an internal succession plan more feasible.

The program combines financing with succession planning coaching. Junior partners can apply for conventional bank loans to finance the purchase of successive tranches of the business, culminating in an SBA-backed buyout loan that rolls up the smaller loans at a better rate. Also, senior partners can receive guidance on selling their business through Live Oak’s succession planning workshops.

This financing option can help advisors develop a succession plan they believe is best for their clients, their business and their staff—without undue financial risk to themselves.

“We are incredibly honored to be the recipient of a WealthManagement.com Industry Award for the second year in a row,” said Jason Carroll, managing director of Live Oak’s Investment Advisory team. “In 2015 we were honored for being a positive industry disruptor, for our game-changing financing options for independent advisors. To be chosen again for our new Advisor to Owner initiative is positive reinforcement that we are driving innovation and making a difference in the industry,” Carroll continues.

Advisor to Owner is just one example of how Live Oak strives to meet the unique needs of the investment advisor industry. Live Oak’s exclusive Knowledge Bank for Investment Advisors is another initiative designed to help advisors. This new resource, accessible from the Investment Advisory page of the Live Oak Bank website, offers tools to help investment advisors understand their options as they consider growing or selling their businesses. Knowledge Bank includes a 30-minute interactive video guide to advisor financing, credit factors that make good loan candidates, worksheets and other valuable documents and videos.

Since its first loan to an independent financial advisor in 2013, the Live Oak Bank Investment Advisory team has lent more than $375 million to independent advisors seeking to fund mergers and acquisitions, succession, breakaways and tuck-ins, commercial real estate, refinance and working capital. Due to the bank’s accessible capital, technology and speed, plus its dedicated team of investment advisory lending staff, Live Oak has quickly surpassed every other lender in the industry and remains the top source for investment advisor financing.