Concurrent Launches Its Own RIA as Firm Evolves to Multi-Custodial, Hybrid RIA Platform

Concurrent Advisors will restructure as a multi-custodial, hybrid registered investment adviser (RIA), a crucial next step in the firm’s mission to foster advisor entrepreneurship.

The restructuring, which will take place in phases between now and early 2023, will give Concurrent and its advisor affiliates access to a broader range of investment strategies, products, and technology to sustain their competitive edge as business owners. 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.

“Our team and the advisors we support should be proud of the great work we have achieved so far,” said Concurrent Co-founder Nate Lenz. “The success we have earned together made it possible for us to pursue the next stage of our growth, at a time when advisors need every advantage to outpace a volatile environment and guide their clients to better outcomes.”

The move to multiple custodial partners will not change the fundamental nature of Concurrent’s partnership with its affiliated advisors. Advisors will still tap into a platform of 38 dedicated operations staff for planning, technology, virtual administration, and transition support. Concurrent will continue to offer shared capital and strategic resources, made possible through Concurrent’s partnership with Merchant.

Concurrent’s success in 2022, in the face of significant market headwinds, validates the firm’s focus on delivering advisors the resources, choices, and flexibility. This year, Concurrent onboarded 25 financial advisors representing more than $3.4 billion in managed assets.

The multi-custodial space will magnify Concurrent’s advantages and will also open a sea of M&A and advisor recruitment opportunities for its advisors to grow their own businesses, said Concurrent Co-founder Mike Hlavek. “Our advisors will have greater freedom to choose technology and service platforms tailored to their unique brand identities and client needs. We’re excited to support our advisors with an even wider variety of integrations with market-leading planning tools, trading solutions, TAMPs, alternative platforms, and CRMs,” Hlavek said.

“Concurrent knows our advisors need the best tools and most responsive service partners to succeed as fiduciaries and entrepreneurs. By removing the limits imposed by the single-custodian space and an antiquated wirehouse mindset, we have uncapped the growth potential of advisors powered by our platform,” Lenz said. “We look forward to sharing more details about our new partnerships in the weeks to come.”

About Concurrent

Concurrent is a strategic partner that empowers financial advisors as entrepreneurs to maximize the benefits of business ownership. Concurrent works with advisors to streamline the launch of their business, offloads middle office functions, and works collaboratively with them to achieve their goals.

Headquartered in Tampa, Concurrent was founded in 2016 and currently serves 145 advisors in 66 offices with $12.7 billion in assets under management (AUM) and more than $12 billion under advisement (as of 7/6/2022). 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.

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