Concurrent Snags $300M Father-Daughter Team From Raymond James
Concurrent Investment Advisors, a Tampa, Fla.-based hybrid registered investment advisor, has recruited a father-daughter team to its platform. The Fehrman Investment Group, based in Augusta, Ga., joins from Raymond James Financial Services, where they managed about $300 million in client assets.
Separately, Concurrent has also added three advisors to existing partner firms, with a combined $150 million in AUM. That includes Charles Sacco, who joins Ciliberti & Associates in New York. Dave Coleman has affiliated with Lindamood Financial Group in Virginia, and Amanda Adams moved to The Wealth Stewards team in Massachusetts
The Fehrman Investment Group is led by Jeff Fehrman, who was with Raymond James for the last 16 years. He’s joined by his daughter, Katie Fehrman Edmonds, and three support staff. The team will leverage Concurrent’s 1099 platform, with Goldman Sachs as their custodian.
“They run a great business, but they want to enhance that overall client experience that they’re delivering,” said Joe Mooney, managing director and head of business development at Concurrent. “They want more access to products and services; they want better technology.”
Concurrent has also taken a minority stake in the new firm. The RIA has experience as a minority investor offering support through its 1099 model, taking 10%-25% equity depending on the firm’s needs. Of the more than 70 firms in the network, the majority have chosen to take a minority investment from Concurrent.
“When we look at why people are looking for capital or some kind of investment, it’s to de-risk, or maybe take chips off the table, it’s to fuel growth in their own business,” Mooney said. “We’re also seeing a lot of succession-type planning. It’s a great way for G1 to G2 to be able to help fund that.
Last year, the firm launched its RIA Capital Partners program, which provides strategic minority investments to RIAs to fuel succession planning, growth capital or partial monetization. The difference with that program is, it’s available to external RIAs.
Concurrent was founded in 2017 as an affiliated practice of Raymond James, but it then transitioned to a multi-custodial RIA platform after securing backing from Merchant Investment Management.
Concurrent currently has about $34 billion in assets under advisement across its wealth management and corporate retirement plans businesses.
