Concurrent Advisors Recruits Nearly $1 Billion in Assets in Q1
CONCURRENT ADVISORS RECRUITS NEARLY $1 BILLION IN ASSETS IN Q1
FIRM RECRUITS SEVEN TEAMS ACROSS THE COUNTRY, MOSTLY FROM WIREHOUSES, FOUR WITH MORE THAN $100 MILLION IN ASSETS
Concurrent Advisors, an advisor-owned partnership of independent practices affiliated with Raymond James, oversees $4.1 billion under management and $8 billion under advisement with 70 advisors across 28 offices nationwide.
San Diego, California – Concurrent Advisors LLC (Concurrent), a national network of independent practices leveraging the Raymond James platform has added seven teams with recruited assets totaling $961.7 million in the first quarter of 2019. Founded by several large independent advisory teams in 2016, Concurrent provides a hybrid affiliation option for breakaway advisors seeking a streamlined path to independence and enhanced resources.
Concurrent has been on a recruiting tear over the past two years, attracting $2.9 billion in recruited assets under management and $3.2 billion in corporate retirement plan assets under advisement since inception. The recent recruiting haul came predominantly from advisors previously associated with wirehouse firms including: two teams from UBS, one from Morgan Stanley, and two from Wells Fargo Advisors. Concurrent also proved successful in recruiting advisors from regional and independent firms, bringing on teams from Edward Jones and FSC Securities.
“We feel our platform speaks for itself,” says Founding Partner and COO of Concurrent, Mike Hlavek. “We know it works for advisors because we are advisors. We set out to build a platform that resolves the typical headaches that accompany a move to independence, while providing value add resources to allow our partner firms to thrive.”
Rick Lima, who alongside his partner John Saalfield moved their business over from UBS, states, “We could have gone anywhere, but these guys really get it. As advisors themselves we always felt we were talking to peers who understood our issues, and have found solutions to advisor challenges.”
“For us,” says Bill Kumm, who brought $254 million in recruited assets from FSC, “it’s about having a sophisticated independent platform, and the support of an experienced team that understands the importance of a smooth transition and making clients feel like family.”
The future for Concurrent is bright.
“We will continue to grow,” says Kevin McFarland, Concurrent’s Founding Partner and CFO. “With a strong broker-dealer relationship, and an enthusiastic advisor base and management team, we look forward to helping advisors make the right decisions about moving their books. We are proud that Concurrent’s unique culture and platform continue to appeal to advisors across the nation.”
Securities offered through Raymond James Financial Services, Inc. member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Concurrent Advisors is not a registered broker/dealer and is independent of Raymond James Financial Services.
About Concurrent Advisors
Concurrent Advisors, an advisor-owned partnership of independent practices affiliated with Raymond James, oversees $4.1 billion under management and $8 billion under advisement with 70 advisors across 28 offices nationwide as of April 2019. Based in San Diego, CA, founded by several large independent advisory teams in 2016. Concurrent provides a hybrid affiliation option for breakaway advisors seeking a streamlined path to independence and enhanced resources. www.concurrentadvisors.com
About Raymond James Financial Services
Raymond James Financial Services, Inc. is a financial services firm supporting independent financial advisors nationwide. Since 1974, Raymond James Financial Services Inc., member FINRA/SIPC, has provided a wide range of investment and wealth planning related services through its affiliate, Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF) a leading diversified financial services company with approximately 7,800 financial advisors throughout the United States, Canada and overseas with total client assets of $785 billion as of February 2019.