A significant branch office of Raymond James Financial Services Inc. with $12.7 billion in client assets said Tuesday it was leaving the firm to restructure as a multicustodial, hybrid registered investment adviser.
Concurrent Advisors in Tampa, Florida, is currently a branch or office of supervisory jurisdiction for the independent brokerage arm of Raymond James. The firm said in a statement that the changes will take place in phases between now and early 2023. The move will give Concurrent and its adviser affiliates access to a broader range of investment strategies, products and technology, according to the statement.
Concurrent did not list in the statement the new custodians it would work with or the broker-dealer it would also need to register with as a hybrid firm, meaning it is registered both as an investment adviser and broker.
Large branch offices of independent broker-dealers like Concurrent Advisors increasingly are flexing their muscle and either adding on new custodians or spinning off on their own. The more the branches look like pure RIAs, the greater value they may hold in the red-hot mergers and acquisitions market for wealth management firms at the moment.
Concurrent said it recruited 25 financial advisers so far in 2022 representing more than $3.4 billion in managed assets. And having a variety of custodians will open M&A and adviser recruitment opportunities for its advisers, said Concurrent co-founder Mike Hlavek. Concurrent was founded in 2016 and currently works with 145 advisers in 66 offices.
"Raymond James has decided to end its relationship with Concurrent Advisors and is in discussions with the branch owners regarding an orderly dissolution of our relationship," a company spokesperson wrote in an email. "Consistent with Raymond James’ values and commitments, we will support those advisers who want to transition with Concurrent as well as those who wish to remain directly affiliated as independent contractors with Raymond James."
Goldman Sachs retirement survey finds 83% want guaranteed income, while the annuities providing that income increasingly hold private credit.
The AI meeting assistant's Advisor Intelligence plugin turns client conversation data into annual reviews, tax scans and attrition alerts.
Chuck Roberts and Stifel have been facing scrutiny due to sales of structured products and structured notes.
Among other updates, the proposals would let advisors to regulated funds earn performance fees and allow interval funds to offer monthly repurchases.
What will financial advice look like 20 years from now? Evan Vladem explores how AI may transform wealth management while reinforcing the enduring value of human guidance, trust, and empathy.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
