CHICAGO, March 8, 2023 — LaSalle St., a family of wealth management firms encompassing independent broker-dealer and two registered investment adviser (RIA) platforms, today announced its evolution to a financial advisor-owned business model. The firm reported the offering of a significant percentage of its equity to affiliated and qualified reps and advisors. The new program is considered unique to the independent marketplace and sets the firm on its future path.
In order to deliver an additional pathway for significant value creation for the firm’s reps and advisors, a portion of the firm’s equity was made available for purchase to those who qualified in a transaction that closed at the end of January. Participants in the program are considered true equity shareholders. Additionally, the firm has developed a group health plan for advisor equity owners. The firm will form an Advisory Board comprised of financial advisor owners who will meet several times a year to provide input on the firm’s direction.
Planning for the Future
“Over the last several years, we have worked hard on positioning the firm for the future,” said Mark Contey, LaSalle’s Senior Vice President and Head of Business Development. “While other firms in our space continue to consolidate into larger firms or private equity, we are committed to a different path. We continue to be excited about our business as well as the mission of the independent financial advisor and this unique offering makes LaSalle St. and even more compelling value proposition for those looking for a true independent affiliation.” Daniel Schlesser, Senior Vice President and Chief Financial Officer added, “Advisors are extremely excited about the new structure. We have heard from many who believe that being able to position themselves as owners of the firm will be a game changer for both existing clients and prospects. Being advisor-owned strengthens LaSalle’s value proposition of enabling conflict-free affiliation for entrepreneurial-minded advisors who operate as true fiduciaries to their clients.”
About LaSalle St.
LaSalle St. is a family of firms comprising LaSalle St. Securities, an independent broker-dealer; LaSalle St. Investment Advisors, two SEC-registered investment advisers; and LaSalle St. Insurance Services, a provider of annuity and insurance products. It has a singular mission of supporting the growth and success of independent financial advisors across the country. Founded in 1974 and based in Chicago, Illinois, LaSalle St. supports more than 300 financial advisors, has approximately $12 billion in total client assets and is registered in all 50 states. The LaSalle St. companies offer a wide range of services, including brokerage, advisory, investment and insurance. The firm clears primarily through Fidelity Clearing & Custody Solutions, with custodial services through parent Fidelity Investments. For more information, visit https://lasallest.com/.
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