Concurrent Adds $5.4B Spire Investment Partners in First RIA Platform Acquisition

Registered investment advisor Concurrent Investment Advisors has added a Virginia-based wealth management firm, which manages $5.4 billion in total client assets, marking the firm’s addition to its RIA platform. 

McLean, VA-based Spire Investment Partners, founded in 1997, offers customized solutions tailored to each advisor’s level of ownership and responsibility. The Hybrid RIA also offers support for third-party RIAs. 

Through the acquisition, Spire will gain access to Concurrent’s technology platform, centralized services, and partnership model. 

Additionally, Concurrent’s hybrid platform will gain about 30 advisor teams through its acquisition and adds a home office presence in Northern Virginia. 

“As we considered various options to continue to grow the firm, we heard loud and clear from our advisors that they wanted the technology and resources to keep driving their growth and relevance to their clients,” said David Blisk, CEO and founder of Spire. 

Concurrent’s addition of Spire boosts the RIA’s total client assets to 28.6 billion, an increase from $16.8 billion that was reported at the beginning of the year. 

Specific terms of the transaction, which closed on September 30, were not disclosed. 

Since Concurrent launched in 2022, after breaking away from Raymond James, the RIA has debuted various platforms, enabling advisors and investors to bolster their portfolio options. 

Last June, Concurrent launched a minority investment program that provides strategic minority investments to RIAs to propel succession planning, growth capital, or partial monetization. 

Tampa, FL-based Concurrent, which is backed by RIA investor Merchant Investment Management, also oversees $18 billion in corporate retirement plan assets under advisement. 

Pictured: David Blisk