DeVoe & Company, the San Francisco-based consulting firm and investment bank, has added a complimentary new service called DeVoe CapitalWorks that will link advisors in search of capital for succession planning and acquisitions to banks and other lending institutions.
“We have been seeing an increasing demand among clients and others who come to us looking for the right types of capital and lending solutions and for advice and links to capital sources,” said Dave DeVoe, the company’s founder, in an interview Monday. The capital-raising process, he said, “leaves some advisors overwhelmed and confused.”
DeVoe & Company created a “complex 24-point decision tree to create a discussion guide and understand the capabilities of lending providers” and match advisors to the former.
The platform will be led by Brad Grubb, a managing director at the company. The interaction consists of a 30-minute phone call during which Grubb or another advisor will “talk through the needs and guardrails” of each advisor and “evaluate lenders and capital providers.”
The program is free for advisors. The 30 participating banks and lenders, which include Live Oak Funding, Oak Street Funding and SkyView Partners, will pay for the service. Those financing institutions can also purchase DeVoe’s decision tree studies of individual advisors.
DeVoe said that by providing the service to RIA’s his company hopes to gain their valuation and succession planning business, which is the company’s bread and butter.
DeVoe said that the “sweet spot” of RIA’s who would benefit from this program would be those in the range of $6 billion to $10 billion in AUM.