Raymond James has launched a securities-based line of credit product as an alternative source of liquidity for advisors to offer to their high net worth clients.

The program is available via Raymond James Bank and can be collateralized by multiple Raymond James accounts. The firm said the facility is suitable for any legal purpose, with the exception of securities purchasing.

Assets held in multiple accounts can be pledged as collateral, according to Chet Helck, chief executive of Raymond James’ global private client group, who said loans were available for “just about any purpose.” The service is also accessible through wire transfer, automated clearing house services or personal checks, with “flexible” repayment options.

In terms of pricing, Helck said rates are “very competitive,” as they are not based on the loan amount, but the value of assets collateralized.

“This program is a great way to attract HNW clients whose need for liquidity is not being met by other financial institutions,” said Raymond James advisor Michael Cohen.

For example, clients wanting to access a credit line are incentivized to transer assets to Raymond James from other institutions, as this would reduce the interest rate on a securities-based loan.

New York-listed Raymond James Financial is a Florida-based holding company with three principal wholly-owned broker-dealers: Raymond James & Associates, Raymond James Financial Services and Raymond James.

The firm has approximately $281 billion in assets, of which approximately $37 billion are managed by the firm’s asset management subsidiaries.