LPL wins, Raymond James loses in billion-dollar branches’ big moves

The complicated ties between independent wealth managers and their biggest branches are working for both sides in one major firm’s case and falling apart in that of another.

Concurrent Advisors — and its 145 financial advisors with $12.7 billion in client assets — will drop Raymond James Financial Services as its brokerage and leave Raymond James’ custodian next year, according to statements from the firms this week. Since receiving a minority equity investment last year from Merchant Investment Management, Concurrent has added 25 advisors with $3.4 billion in client assets through its recruiting in 2022. The firm now plans to follow a different billion-dollar enterprise, Steward Partners, that already left Raymond James’ brokerage this year.

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