Concurrent Launches as RIA, Adds Five FA Teams with $440M+ in Assets

Merchant-backed Concurrent Investment Advisors has launched as a multi-custodial hybrid registered investment advisor, which it set out to do when it split from Raymond James last September, and already recruited five financial advisor teams with combined assets of more than $440 million.

Allegiant Wealth Partners of Virginia Beach, VA; Danielson Tate Capital Partners of Mandeville, LA; Spectrum Wealth Partners of West Berlin, NJ; Price Financial Management of Berlin Township, NJ; and Alex Reid, who joined existing Concurrent partner Columbia Associates have all joined Concurrent’s RIA platform.

“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,” said Concurrent Co-Founder Nate Lenz.

Founded in 2017, Tampa, FL–based Concurrent was previously an advisor-owned partnership of independent practices affiliated with Raymond James Financial Services, largely luring breakaway brokers.

In November last year, Concurrent picked Fidelity as its first custodial partner.

Concurrent reported having 145 advisors managing $12.7 billion in assets under management and more than $12 billion in assets under advisement across 66 branches.

Concurrent anticipates reaching more than $17 billion in assets under advisement by the end of the year with the most recent additions and the “more than two dozen advisor groups expected to onboard” in the second and third quarters.