Concurrent Investment Advisors has recruited Potomac Financial Group, a $750 million practice from Raymond James that Concurrent CEO Nate Lenz says marks the first Maryland outpost for his Merchant Investment Management-backed hybrid RIA.
Potomac has served clients for more than 40 years with its team led by managing partner Todd Wike and six other financial advisors. Wike’s firm is launching as an independent RIA with minority investment from Concurrent after previously being affiliated with the independent broker-dealer arm of Raymond James known as Raymond James Financial Services.
Founded by Lenz in 2017 as an office of supervisory jurisdiction (OSJ) within Raymond James, Concurrent broke away from Raymond James in 2023. As Concurrent has surpassed $21 billion in assets under management with 31 advisor additions halfway through 2026, Lenz says that independent broker-dealers (IBD) are increasingly seeing breakaway to RIA activity alongside departures from the wirehouse model
“We're seeing a much higher occurrence of, which is where this expanded definition comes into play, are firms coming out of independent broke-dealers. So firms like Potomac coming out of RJFS, firms coming out of Cambridge, LPL, Cetera, Osaic,” said Lenz. “I would say that the firms that don't allow for a true hybrid opportunity are probably the most susceptible to this, because they don't offer the opportunity for advisors to remain affiliated with their broker dealer and have their own SEC-registered RIA.”
Concurrent’t multi-custody model includes partnerships with Schwab, Goldman Sachs, and Fidelity. “The [breakaway] definition is expanding, and we're seeing a much higher occurrence of IBD advisors that are now looking to enter the multi-custody RIA space. We think we're well positioned to be a solution for that,” said Lenz.
Potomac Financial Group follows TAVO Wealth, another former Raymond James team, that left RayJay in May to join the Florida-based Concurrent. Lenz expects to add another $3 billion in pipeline assets for Concurrent in the second half of 2026 after adding $3.4 billion in the first half. Concurrent has expanded its home office staff by 28% to 87 members across onboarding, operations, compliance, investments, practice synergies, technology and advisor support.
“We continue to build our agentic AI solution on top of the data infrastructure that we've really spent the last two years building, that's a major focus of ours,” said Lenz. “We've also made a number of new hires on our investment team. About a year and a half ago we launched Concurrent Asset Management as a separate RIA, really to support the third-party RIAs that we made investments in from an OCIO standpoint.”
Concurrent Investment Advisors won The Nasdaq Award for RIA Firm of the Year at the InvestmentNews Awards 2026 held last month in New York. In 2021, serial RIA investor Merchant Investment Management made a minority investment in Concurrent.
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