Goldman Sachs has added US broker dealer LPL Financial to its securities-based lending platform GS Select.
Launched in 2017, GS Select targets borrowers with less than $10m in investable assets.
The agreement will enable LPL’s more than 14,000 advisers to offer their clients securities-backed loans ranging between $75,000 and $25m through GS Select.
However, the loans cannot be reinvested in marketable securities. Clients will be able to track their loans’ progress in real time, and will be guided by lending specialists to gain insight into the programme.
Goldman Sachs Private Bank head Andrew Kaiser said: “LPL’s advisers will be able to expand their relationships with clients by helping them manage their borrowing needs as efficiently as they manage their investments.”
The addition of LPL takes the total number of independent adviser firms and broker/dealers on the platform to 40.
LPL executive vice president Kirby Horan said: “We are committed to providing advisors with access to products and resources that enable choice and enhance the service and value they can deliver to their clients. Offering our advisors a program like GS Select is one more way LPL is making it easier for advisors to manage their businesses.”
The latest move builds on the existing two-decade long partnership between the two companies, under which the bank provides investment and liquidity tools to LPL.