Joe Mooney, Concurrent’s business development head, spoke about the firm’s recent hiring strategies and team selections that have fueled its steady growth.
By Lilly Riddle
Concurrent Investment Advisors has reached the $10bn assets under management threshold after posting strong recruiting results in the first quarter.
The Tampa, Fla.-based hybrid RIA said Thursday it grew its assets by roughly $2bn in Q1, bringing on six teams and 17 advisors in total during the period.
Those teams include Atlanta-based Crownmark Wealth Advisors, Tennessee-based Center Street Wealth Management — formerly of Wells Fargo — and New Jersey-based Cornerstone Private Wealth, formerly of UBS. The groups are based in six different states and join from wirehouses, independent RIAs and broker-dealers, according to a press release from Concurrent.
Head of business development and managing director Joe Mooney said Concurrent’s recent growth has come in part due to the company’s efforts to broaden its geographic coverage and hire strategically, focusing on its ‘traditional prospect base’ of breakaway advisors.
The first quarter of the year also saw Concurrent strike a custody deal with Goldman Sachs, a move Mooney said furthered its goal of becoming a ‘multi-custodial hybrid’ option for advisors. Two advisor teams have selected Goldman as their custodian so far, according to Concurrent’s release. The firm’s other custodians include Fidelity, Charles Schwab and Purshe Kaplan Sterling.
‘All have been fantastic partners, but ultimately [adding Goldman] gives advisors that choice and that freedom and flexibility,’ Mooney said.
Another development from last quarter was Concurrent’s hiring of a new retirement head, David Montgomery, who will focus on recruiting teams that specialize in retirement planning. Mooney said Montgomery, who came from OneDigital Investment Advisors — the RIA arm of insurance brokerage and financial services firm OneDigital — was a ‘natural’ fit.
‘We do see a lot of advisors coming on board now that not only have their wealth management business, they also have substantial 401k, retirement businesses,’ Mooney said. ‘[Having retirement-focused teams] gives us the ability to offer more services to these advisors so they can continue to grow.’
Mooney said Concurrent now oversees around $25bn in assets under administration, with roughly $10bn of that coming from assets under management. It has about 130 advisors including its additions in the first quarter, according to Mooney.
Concurrent, founded in 2017 and led by chief executive Nate Lenz, was formerly a super-office of supervisory jurisdiction for advisors affiliated with Raymond James. It broke away from the wirehouse in 2023 to establish itself as an independent back- and middle-office services platform.
The firm has been minority backed by serial RIA investor Merchant Investment Management since 2021 and has used the capital from Merchant to take stakes in its partner firms.
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