Charles Schwab Corp. is seeking to launch a loan program in the first half of 2012, Reuters reports. The loans would offer capital for help junior partners purchase equity 2 percent or 3 percent stake in registered investment adviser (RIA) firms.
Schwab, which offers custodial services to nearly 7,000 independent RIAs, is still working on the details. Charles Schwab Bank will provide five or seven-year loans at the market rate to qualified individuals, probably with the RIA firm backing the adviser.
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