An advisor team managing $1.2 billion in client assets has left Raymond James to go independent with Florida-based RIA Concurrent, which will take a minority stake in the newly formed TAVO Wealth
TAVO Wealth advisors will become 1099 independent contractors under Concurrent’s Form ADV after previously being at Raymond James & Associates, the W-2 employee channel of the broker-dealer. TAVO Wealth is led by advisors David Ahlquist, John O’Shea, Nick Troiano and Steve VanNostrand with office locations across Missouri, Texas, and Colorado.
“[TAVO] wanted a lot of the same things that we hear out in the marketplace,” Joe Mooney, Concurrent’s managing director and head of business development, told InvestmentNews. “They wanted flexibility, control over the direction of the firm, the ability to build an organization around their own vision and culture. But they also wanted a partner that could provide that institutional level infrastructure without taking away their entrepreneurship or their brand identity.”
Mooney says Concurrent has now recruited 11 teams representing 24 advisors and $3 billion in assets so far in 2026, bringing the firm to over $20 billion in assets under management with an additional $17 billion in AUA corporate retirement assets. Of the 84 advisor teams on Concurrent’s Form ADV, Mooney says 82 have taken minority investments from Concurrent, which normally takes stakes in the 10% to 20% range.
Concurrent was founded in 2017 as an affiliate practice with Raymond James, then launched as a hybrid RIA in 2022. Breakaway teams from wirehouses and broker-dealers such as Raymond James, UBS, Wells Fargo and Ameriprise have fueled growth for Concurrent, which is backed by the serial RIA investor Merchant Investment Management.
“We still continue to recruit that traditional wirehouse advisor looking to go independent leveraging a platform like Concurrent, but also we started seeing our addressable universe open up, where we're having conversations with existing RIAs, with independent broker-dealer advisors coming out of firms,” said Mooney. “I think what's resonating in the marketplace is that advisors don't want to sacrifice flexibility and ownership in order to access that institutional quality resources and support.”
Last summer, Concurrent launched its RIA Capital Partners investment arm to take minority stakes in smaller RIAs who would not access Concurrent’s core platform and operate outside of its Form ADV. Mooney said that program has taken minority stakes in six RIAs, with a total goal of investments in seven to 10 firms for 2026.
The newly formed TAVO Wealth has selected Fidelity to be its primary custodian under Concurrent, which also offers Schwab and Goldman Sachs as custody partners.
“We have a national client base, each with specific needs, goals and financial situations,” said Troiano, TAVO partner and advisor. “With Concurrent as both our platform and capital partner, our team is better positioned to deliver thoughtful, highly personalized financial solutions to each family we serve.”
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