The Daily Brief
Keith Gregg
Chairman and CEO of Chalice Wealth Partners Keith Gregg

Chalice Acquires Succession Link, Launches New Advisor Lending Service

To power the new service, Chalice acquired Succession Link, an online matching service for M&A deals and formed a partnership with Oak Street Funding, a non-SBA lender.

Chalice Financial Network, the new member benefit organization for registered investment advisors launched recently by former First Allied exec Keith Gregg, has introduced a new service that will provide financing and M&A support to advisors in the network. To help power the new service, Chalice acquired Succession Link, an online matching service for independent advisor M&A deals. The firm also formed a partnership with Oak Street Funding, which provides conventional non-small-business-administration loans to advisors seeking to buy or sell books of business.

Chalice debuted recently, focusing on advisory firms with between $50 million and $250 million in assets under management, which tend to lack the economies of scale to build the services and support that the firm hopes to offer.

For a flat monthly fee of $250, advisors get access to the single sign-on shared-services technology platform, which includes 35 different products, services and vendors. Some services are complimentary; for example, every advisor who signs on receives a free lead generating and marketing website. Other services are available at deeply discounted member pricing; for example, members get 55 percent off at Office Depot. Members also get access to such tech vendors as Orion, Redtail and SMArtX at negotiated prices.

With the most recent announcement, membership now includes access to Chalice Advisor Lending Solutions. Succession Link’s 43,000 members will get half off membership to Chalice if they join by March 31.   

Chalice members will get expedited loan processing and lower rates, simplified underwriting and approval processes, as well as M&A support.

The new offering came with some leadership changes. Derek Bruton, the former head of LPL Financial's independent advisor services, who was brought on in April 2018 to serve as president of Chalice’s broker/dealer and RIA, will now serve as chief operating officer of Chalice Financial Network and president of the entire firm. Succession Link Chief Technology Officer Tim Horton will now serve as CTO of Chalice Financial Network.

“We’ve created the equivalent of a credit union for independent financial advisor businesses, regardless of their existing b/d or RIA affiliations, in less than one month after the launch of our digital marketplace platform,” Bruton said. “We have a strong tailwind on our side as we continue to build out Chalice’s offerings and resources for our members.”

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