Advisor moves: Raymond James loses $1.3B advisor team to Concurrent

Hybrid RIA Concurrent Investment Advisors, Osaic, and Raymond James each notched recruitment wins this week, with Concurrent successfully snagging a billion dollar-plus team from Raymond James' employee channel.

Keaton & Sams Wealth Management affiliates with Concurrent

Keaton & Sams Wealth Management, a Georgia-based team overseeing more than $1.3 billion in client assets, has made its leap to independence by joining Concurrent Investment Advisors.

The move brings Concurrent’s total assets under management to over $15 billion. Led by Bill Keaton and Alfred Sams, the team previously operated under Raymond James & Associates.

Four professionals will transition with the founders, working from offices in Savannah and Sea Island.

The decision to affiliate with Concurrent and select Goldman Sachs Custody Solutions was described as a step toward expanding the firm’s investment offerings and technology access.

“Our guiding principle has always been to keep clients at the center of everything we do,” said Keaton. He added that the partnership will help the team “elevate the solutions and opportunities we can deliver, especially for families whose financial lives have grown more complex.”

Nate Lenz, CEO and co-founder of Concurrent, said the firm was created to help advisors “build businesses on their own terms.”

Backed by Merchant Investment Management, Concurrent launched a minority investment program in June, which it said was aimed at smaller firms in the $200 million to $500 million AUM range. It was launched in 2017 by a founding team of advisors previously operating with Raymond James.

Ex-Fidelity advisor joins Osaic through New York Financial Partners

REVUP Private Wealth, led by Michael Grand, has joined Osaic via its OSJ New York Financial Partners after a two-year due diligence process.

Grand, who was previously registered with Fidelity for five years according to his BrokerCheck record, cited NYFP’s collaborative culture and Osaic’s platform as factors in his decision.

“NYFP and Osaic offer me the open-architecture platform and resources I need to act as a true fiduciary while still benefiting from a collaborative community of advisors,” Grand said.

Ken Femiano, partner and executive managing director at NYFP, said the firm is building a culture where advisors can thrive with support staff behind them.

NYFP has nearly doubled in size over the past year.

Raymond James adds breakaway advisors in Colorado and Maryland

Raymond James continued to grow its independent channel this week with new Mountain State and East Coast additions.

In Colorado, Randolph Huiting joined Raymond James Financial Services from Wells Fargo Financial Network, where he previously managed $227 million in client assets.

Huiting, who brings more than 30 years of experience to his Evergreen-based firm Huiting Wealth Management, said Raymond James offers a “client-first culture, responsive home office support and technology.”

Bryan White, who oversaw $180 million in assets at UBS Financial Services, also joined Raymond James in Colorado through the established team at Centennial State Wealth advisors. The 25-year veteran planner said the firm’s reputation for stability and leadership’s clarity of vision were important factors in his decision.

In Maryland, Jason Bell joined from Northwestern Mutual Wealth Management Company, where he managed approximately $150 million. Bell leads Terrapin Ridge Partners and focuses on business owners, corporate executives and retirees. 

At Raymond James' Q4 earnings call earlier this week, CEO Paul Shoukry touted the firm's "outstanding year [of] recruiting high-quality advisors," reaching a record 8,943 advisors. It managed to attract advisors with $407 million in trailing 12-month production, up 21% from last year’s record, who brought over $58 billion in client assets from their previous firms.