LPL Financial wants its advisors to know that it’s there for them if they want to expand their practices — and that it would appreciate a consultation before they head elsewhere for capital, according to news reports.

LPL has been advertising its “increased willingness” to fund deals in-house since the start of the year, Richard Steinmeier, managing director and head of business development, tells InvestmentNews. Steinmeier didn’t provide details about how much LPL has put aside for such deals but tells the publication that it has financed several already.

The money for acquisitions has always been there, he says, according to InvestmentNews. But LPL is now stressing that it wants to be consulted first before its advisors head to the likes of Live Oak Bank for financing, Steinmeier tells the publication.

"We’ve had these capabilities and they have been passively available," Steinmeier tells InvestmentNews. "We don’t need advisors to go to a third party for capital. We are capital rich. The balance sheet is strong."

The two most popular forms of financing with which LPL works are when firms buy 100% of another business and “sell and stay” deals, in which advisors merge with another firm but stay on working for some time, Gregory Cornick, executive vice president and treasurer of corporate development at LPL, tells the publication.

Less common are “partial book of business sales,” where advisors sell some some of their clients to another practice, he says, according to InvestmentNews.