Concurrent Reaches 5-Year Milestone As Its Advisors Double Pre-Pandemic Assets

SAN DIEGO--(BUSINESS WIRE)--Concurrent Advisors, a partnership of independent wealth managers affiliated with Raymond James Financial Services, Inc. (RJFS), looks ahead to 2022 after a year in which the firm welcomed 26 new advisor teams across 10 states with its suite of services and growth capital options tailored for newly-independent advisors. The new teams represent $3.5 billion in added managed assets. In total, the AUM of all Concurrent-affiliated advisors rose to $13.5 billion in managed assets as of Jan. 1, 2022, more than doubling their assets held since 2019.

2021 saw Concurrent solidify its unique vision as a launch pad for advisors to develop sophisticated client solutions and grow as entrepreneurs. Concurrent’s suite of services for breakaway and independent advisors using the Raymond James platform paired with a minority stake investment from Merchant, which allowed Concurrent to offer growth capital directly to all of the advisors in Concurrent-affiliated businesses. Since its announcement, 55 firms have taken advantage of the offering.

“When we started Concurrent Advisors five years ago, we wanted to flip the script on what breakaways could accomplish as entrepreneurs,” said Nate Lenz, founding partner of Concurrent. “The past year has validated our mission to create meaningful growth, at all levels of our partner firms, with operational scale and hands-on support.”

Lenz and his partners founded Concurrent in 2016 with a group of 8 independent advisors who needed more than the bare-bones, quantity-over-quality support of a typical office of supervisory justice (OSJ). After refining its core operational services, Concurrent built out services to help their partner firms collaborate, stand out in the marketplace, and grow. Concurrent has come a long way since those first, validating conversations, expanding from 4 offices with $1.2 billion in AUM to 59 offices overseeing $13.5 billion. Marking their official 5-year anniversary in December 2021, the Concurrent team celebrated the victories they helped advisors achieve, including:

• Concurrent teams who had been with the firm for at least a year added $807 million in net new assets in 2021, with 14 teams earning $20 million or more.
• Concurrent boosted its advisor support and virtual administration capabilities with new 6 team members.
• Teams joining Concurrent transitioned 92% of their AUM and 85% of their revenue within their first year.
• Concurrent enhanced its advisor support with marketing, PR, and paraplanner services, along with an expanded roster of technology partners.
• Concurrent’s home office has grown to 20 people, 13 of whom joined in just the past year.

“Our team has created something rare in wealth management: a support structure of peers who genuinely care about their shared success,” said Mike Hlavek, chief operations officer and a founding partner of Concurrent. “I’m humbled by the momentum and depth of expertise we have assembled under the Concurrent banner, and I’m eager to expand our mission in 2022 as more advisors find out what we can accomplish together.”

About Concurrent Advisors

Concurrent (concurrentadvisors.com) is an advisor-owned partnership of independent organizations working together to realize a common vision of creating a quality client experience while growing their own practices.

Headquartered in San Diego, Concurrent was founded in 2016 and currently serves 130 advisors in 59 offices with $13.5 billion in assets under management (AUM) and more than $12 billion under advisement (as of 1/1/2022). Drawing upon their individual and unified strengths, our financial advisors leverage their collective scale to provide an attractive value proposition to both clients and other independent-minded advisors in a highly competitive and constantly evolving wealth management landscape.

Concurrent and its network of advisor teams are not registered broker/dealers or registered investment advisers. Concurrent’s network of financial advisors are registered representatives of Raymond James Financial Services, Inc.

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 8,400 financial advisors throughout the United States, Canada and overseas. Total client assets are $1.26 trillion. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.