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."
A Texas-based bank selects Raymond James for a $605 million program, while an OSJ with Osaic lures a storied institution in Ohio from LPL.
The Treasury Secretary's suggestion that Trump Savings Accounts could be used as a "backdoor" drew sharp criticisms from AARP and Democratic lawmakers.
Changes in legislation or additional laws historically have created opportunities for the alternative investment marketplace to expand.
Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.
Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
