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September 27, 2022 at 03:11 PM
What You Need to Know
- Concurrent, an OSJ, says it is restructuring as a multi-custodial, hybrid RIA.
- Raymond James says it will support those advisors who want to transition with Concurrent as well as those who wish to remain directly affiliated as independent contractors.
- The Concurrent restructuring will be done in phases between now and early 2023, it says.
Raymond James and Concurrent Advisors, its affiliate based nearby in Tampa, Florida, have split up and Concurrent is restructuring its business as a multi-custodial, hybrid registered investment advisor, the companies said Tuesday.
“Raymond James has decided to end its relationship with Concurrent Advisors and is in discussions with the branch owners regarding an orderly dissolution of our relationship,” a Raymond James spokesperson told ThinkAdvisor.
“Consistent with Raymond James’ values and commitments, we will support those advisors who want to transition with Concurrent as well as those who wish to remain directly affiliated as independent contractors with Raymond James,” the spokesperson said.
Meanwhile, Concurrent issued a news release on Tuesday saying its restructuring as a multi-custodial, hybrid RIA represents a “crucial next step in the firm’s mission to foster advisor entrepreneurship.”
Concurrent, which has served as an office of supervisory jurisdiction, was started in 2016 and is backed by investor Merchant Investment Management. Concurrent served 145 advisors in 66 offices with $12.7 billion in assets under management) and over $12 billion under advisement as of July 6, it said.
The Concurrent restructuring “will take place in phases between now and early 2023,” and give the firm and its advisor affiliates “access to a broader range of investment strategies, products, and technology to sustain their competitive edge as business owners,” Concurrent said in its announcement.
“The families and institutions that rely on Concurrent-powered advisors for independent, fiduciary service will ultimately benefit from a more complete range of tools and services made possible in a multi-custodial organization,” it said.
The shift to multiple custodial partners “will not change the fundamental nature of Concurrent’s partnership with its affiliated advisors,” it said. “Advisors will still tap into a platform of 38 dedicated operations staff for planning, technology, virtual administration, and transition support.”
The firm will also continue to offer shared capital and strategic resources, “made possible through Concurrent’s partnership with Merchant,” it noted.
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