The recently launched Chalice Financial Network is enhancing its services to include support for advisors and RIAs who want to buy and sell books of business, Chalice announced Monday.
Chalice, launched in November, provides support services that RIAs and independent advisors need to operate in the financial industry, as well as services they need to operate successfully as small businesses. The San Diego-based firm operates as a membership organization providing discounted services on an ala carte basis with a $250 monthly membership fee.
The firm has now added Chalice Advisor Lending Solutions, which provides merger and acquisition support for advisors who want to buy and sell books of business. Chalice already offers discounted pricing on technology and tools, marketing and complimentary lead generating websites, corporate services and support including human resources, payroll and group health benefits.
As part of the launch of this new platform, Chalice also announced the acquisition of Succession Link, an online match service for independent financial advisor mergers and acquisitions.
The firm also has established an alliance with Oak Street Funding, a provider of conventional non-SBA loans for advisors seeking to buy independent practices. Chalice has a preferred vendor relationship with Indianapolis-based Oak Street Funding that makes capital and M&A support available to the advisors who are part of Succession Link’s 43,000 users. Succession Link members get 50 percent off membership to Chalice if they join by March 31.
Keith Gregg, founder, chairman and CEO of Chalice, said, “From identifying potential transactions, to obtaining deal financing, to expertise on transaction execution and business integration, we now offer the entire continuum of solutions that independent advisors need to buy or sell a business.
“Just as the wealth management industry is experiencing a wave of baby boomer clients transferring trillions of dollars in assets to millennial heirs, thousands of financial advisors are preparing to retire in the coming years. The number of potential practice acquirers and sellers will continue to surge, and streamlined access to M&A guidance and competitive financing will mark the difference between success or failure for these advisors.”
Chalice Advisor Lending Solutions will provide loan processing and lower loan rates, simplified underwriting and an expedited approval process, as well as merger and acquisition support and structure.
Chalice Financial Network also provides its members with a single sign-in, financial technology platform and digital marketplace called the Chalice Advisor Exchange, where advisors can access third-party technology and business enterprise solutions.
Also announced Monday was the promotion of Derek Bruton from chief operating officer to president of the firm, a newly-created role that will put him in charge of overseeing the next phase of the company’s strategic growth plans.
In addition, Tim Horton, chief technology officer of Succession Link, has been named chief technology officer of Chalice Financial Network. Horton has spent his career in start-ups. Before Succession Link, he was the chief technology officer of Airbitz, which has now been rebranded as Edge, a cryptocurrency wallet and authentication provider.