The Lumature Wealth Partners office will be a hub for Concurrent’s future growth in the South, the latter company said.
A $700m RIA based in the Atlanta area has struck a relationship with Concurrent Investment Advisors.
The middle- and back-office service provider said on Wednesday that it has partnered with Lumature Wealth Partners, an RIA headquartered in the Atlanta suburb of Alpharetta, Ga. According to Concurrent, the Lumature team manages over $700m in assets and previously used Raymond James Financial Services as a back-office platform.
Concurrent chief executive Nate Lenz cited his company’s multi-custodial relationships as a key differentiator.
‘They were ready to take the next step further into the independent RIA space, and that comes with more responsibility,’ Lenz told Citywire. ‘Given that we are an independent RIA, there’s a structural difference than when you’re captive to a single custodian.’
Concurrent itself operated as an office of supervisory jurisdiction for about 147 Raymond James-affiliated advisors until it dissolved its relationship with the broker-dealer in September of 2022. Lenz said his firm has moved about 20,000 accounts off of the Raymond James platform.
Advisors now using Concurrent’s platform retain their own branding and advice models and report their assets on Concurrent’s Form ADV and brokerage platform; Concurrent collects an override royalty on the revenue brought in by affiliates.
In line with common business practice, Concurrent is taking an undisclosed minority stake in Lumature, while offering the latter firm cash and equity, Lenz said.
As of its August Form ADV filing, Lumature was co-owned by principals Ross Ramsey and R. Corley Watson III. Lumature serves nearly 600 individual clients, its filing indicates.
Despite their former affiliations with Raymond James, the two companies actually got started on the path to partnership after an introduction from Fidelity, which custodies most of Concurrent’s assets, Lenz said.
‘This gives us a nice beachhead and allows us to plant a flag, with the intention of growing the South market,’ he added.
Lumature itself is keen to grow further. As Concurrent’s first partner in Georgia, Lumature will help Concurrent grow in the Atlanta area and into nearby states, Lenz also said.
‘We strive to give our clients the best financial advice, not just the best option within a limited set of tools,’ Ramsey stated. ‘Partnering with Concurrent allows us to deliver superior financial solutions without sacrificing our own independent perspective.’
Last month, Concurrent struck a deal with another practice in the South. Art Klugh, a former Goldman Sachs Personal Financial Management advisor in that company’s Charleston, S.C. office, has registered with Concurrent.
Headquartered in Tampa, Fla., Concurrent said it had nearly $17bn in total assets under advisement prior to the Lumature partnership. Serial RIA investor Merchant Investment Management has a minority stake in Concurrent.