LaSalle St. Launches Equity-Based Advisor-Owned Business Model

Chicago-Based LaSalle St. Securities Launches Equity Ownership Program for Financial Advisors

LaSalle St. Securities recently launched an equity-ownership program for its affiliated and qualified representatives and financial advisors. The firm offered a significant percentage of its equity in a transaction that closed at the end of January, according to a press release.

“While other firms in our space continue to consolidate into larger firms or private equity, we are committed to a different path,” Mark Contey, LaSalle St.’s Senior Vice President and Head of Business Development, said in the press release. 

According to Contey, this equity ownership program is a unique offering that arms LaSalle St. with “an even more compelling value proposition for those looking for a true independent affiliation.”

Driving Success, Growth and Alignment of Interests

The Chicago-based family of companies includes an independent broker-dealer, two RIAs, as well as an annuity and insurance products provider. Lasalle St., which was founded in 1974, supports more than 300 advisors, has approximately $12 billion in total client assets and is registered in all 50 states.

LaSalle St. was a winner of a WSR Wealth Exemplar Award for Practice Management Platform of the Year. The firm won for supporting the growth and success of independent advisors across the country through programs such as an Advisor Growth Funding Platform to finance succession-based M&A. The platform provided interest-free and low-rate loans for affiliated advisors to finance these deals, even as the cost of conventional loans skyrocketed in 2022.

“Advisors are extremely excited about the new structure,” Daniel Schlesser, LaSalle St.’s Senior Vice President and Chief Financial Officer, said in the press release. “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.” 

Chris Latham, Deputy Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com