Concurrent restructures to recruit advisors from across wealth management

Since becoming a hybrid RIA, Concurrent has added five new firms that combine for $440 million and it's ramping up to co-brand advisors from every possible direction.

In a move that was more than six months in the making, Concurrent Investment Advisors has restructured as a hybrid registered investment advisor, which positions it to recruit advisors from virtually every channel in the marketplace.

Founded in 2016, Tampa, Florida-based Concurrent had been operating on the Raymond James platform, primarily recruiting breakaway brokers.

Under the Raymond James broker-dealer, Concurrent recruited 76 reps and had grown to $17 billion by providing back- and middle-office support to advisors moving toward independence. But its latest evolution puts Concurrent on a path to attract not only breakaways, but independent RIAs and reps from other broker-dealers.

“This is a big opportunity for us because it expands the addressable universe of opportunities for us to grow,” said Concurrent co-founder Nate Lenz.

“To affiliate with us before, they had to join Raymond James,” he added. “Now we’re actively talking with firms on other broker-dealer platforms.”

Since kicking off the restructuring last fall, Concurrent has added five new firms to the RIA that combine for $440 million in client assets.

Illustrating the new flexibility in recruiting teams to operate under the Concurrent RIA, Lenz said one group came from Carson Group and one from Ameriprise, where its members operated as independent contractors. The other three teams came from the traditional brokerage channel.

“Throughout our history, we have been driven to provide advisors with the tools, resources and support they need to grow their businesses, and embrace an independent and fiduciary-based model,” Lenz said. “To have five new joins, even through an intense transition period, speaks to the success and culture our advisors have demonstrated to the marketplace over the years.”