The Succession Planning & Acquisitions group (SPA) of Raymond James Financial has entered into agreements with Live Oak Bank and Key Management Group to provide preferred financing and valuation services, respectively, to RJFS advisor practices and to prospective advisors as part of the full spectrum of services offered through Raymond James and SPA.

"One of the most important issues facing our industry," stated Curtis, "is the lack of documented succession plans for experienced, successful advisors. Not just catastrophic, business continuity plans, but well-developed and thoughtfully executed business succession and retirement plans. They’re an essential element of a business continuity plan for advisors and their clients.

"To underscore the importance of this issue, we renamed Patrick Jinks’ group to more accurately reflect the team’s focus – Succession Planning – as well as entered into preferred pricing agreements with two of the most respected service providers in this industry sector. Both will provide valuable services for our advisors to supplement what’s provided by our firm."

Live Oak Bank is a Wilmington, N.C. lending institution founded in 2008 and providing business loans to independent businesspeople in niche industries, including Investment Advisors. Live Oak is one of the largest originators of small business loans with one of the strongest loan portfolios in the country. The arrangement with Raymond James provides for preferred rates, along with a dedicated underwriting team and an expedited loan application and approval process.

"Raymond James’ reputation is impeccable," stated Chip Mahan, CEO of Live Oak Bank. "It is a brand name company, and we like to be associated with the best of the best. We are looking forward to a long and mutually rewarding relationship.

"Live Oak Bank is the only bank that is addressing the need for financing of advisory practices in the wealth management industry. We did a lot of due diligence, we really understand this sector and its particular needs relative to cash flows. We have customized our process for Raymond James and its affiliated advisory firms, and we have unlimited capital to fund these acquisitions," added Mahan.

Key Management Group (KMG) is a full-service consulting firm working with financial advisors to provide a host of practice management services, including advisor coaching, succession planning and business valuations. For RJFS advisors, KMG has created a custom-tailored offering, where KMG’s business valuation and cash flow analysis services will be offered at substantial savings.

"Raymond James recognized the need for an independent ‘affinity partner’ for valuation services to complement the comprehensive succession planning services it currently provides through Patrick Jinks’ group at SPA," said Anthony Whitbeck, CEO of Key Management Group. "We’re confident our expertise will serve as a complement to the overall succession and acquisition consulting services that Raymond James already provides to its advisors. We look forward to delivering an overall experience that is deeper than other valuation providers. While we always deliver quality, validated analytics, we differentiate ourselves from our competitors by focusing on the advisor’s goals and providing the consulting services required to achieve them."