Concurrent restructures to recruit advisors from across wealth management

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.
MAY 24, 2023

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.”

What will drive gold prices higher in the second half of 2023?

Latest News

401(k) savings rate at new record high but balances are down slightly
401(k) savings rate at new record high but balances are down slightly

Quarterly analysis of retirement accounts highlights positive behavior.

JPMorgan mulls new asset lending scheme aimed at crypto ETF investors
JPMorgan mulls new asset lending scheme aimed at crypto ETF investors

Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.

Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader
Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader

The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.

UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel
UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel

“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.

Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role
Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role

The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.