Concurrent Advisors, a $13 billion fledgling breakaway registered investment adviser that left Raymond James Financial Inc. in September, said Monday said it has chosen Fidelity Clearing and Custody Solutions as its lead choice as a custodian for client assets, while leaving the option open for clients to choose to custody assets with Charles Schwab & Co. Inc. as well.
Concurrent Advisors, formerly a giant branch office with Raymond James, announced at the end of September that it was leaving the Florida brokerage to restructure as a multicustodial, hybrid registered investment adviser.
In a Form ADV filed Monday with the Securities and Exchange Commission, Concurrent Advisors said that the firm will "generally recommend that clients establish their account [or accounts] at Fidelity Clearing and Custody Solutions" and that it may also recommend custody with Charles Schwab, the largest RIA custodian in the industry.
As more brokers give up their registration to sell securities and work as an RIA, the market to custody or hold client assets has intensified. New and smaller players are looking to do business with firms like Concurrent Advisors and other mega RIAs.
Concurrent Advisors has been in growth mode of late.
Last year, it announced that Merchant Investment Management, a New York-based private equity firm, had taken a minority stake in the firm. Terms of the investment were not disclosed. And in September, at the time of its break with Raymond James, the firm said it had recruited 25 financial advisers in 2022 representing more than $3.4 billion in managed assets.
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Employee accounts, crypto trials and job cuts frame a pivotal year for the Swiss lender.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
