Concurrent adds Schwab as custody partner

The former Raymond James OSJ has joined Schwab’s custody platform after relaunching earlier this year as an independent middle- and back-office services provider.

Hybrid RIA Concurrent Investment Advisors has added Charles Schwab as a custodial partner, joining the Schwab Advisor Services platform.

A former super-office of supervisory jurisdiction for advisors within the Raymond James wealth management network, Concurrent split off from the company last year and reinvented itself as an independent middle- and back-office services platform.

The firm ran an office of roughly 150 advisors affiliated with Raymond James before terminating its relationship with the firm in September 2022.

Concurrent gained its registration with the Securities and Exchange Commission (SEC) as a standalone advisory firm in August of last year. It officially relaunched in May, announcing that it had begun moving certain advisors previously affiliated with Raymond James to its platform.

The company also allied itself with a slew of advisor-centric technology providers, including Practifi, Black Diamond and SmartX, to broaden its suite of tools for independent advisors.

Adding Schwab as a new custodial partner serves to ‘greatly expand [its] value as a turnkey destination for advisors’ looking for independence, Concurrent said in a Wednesday statement. 

According to Joe McQuaid, managing director of platform solutions at Concurrent, the firm previously chose Fidelity as its primary custodian. It has already onboarded more than $5bn in assets onto Fidelity’s platform.

‘We have made good on our pledge to offer advisors a truly multi-custodial framework with the range and caliber of resources they expect to deliver a truly independent fiduciary service,’ he stated.

Advisors on Concurrent’s platform retain their own branding and advice models and report their assets on Concurrent’s Form ADV. The firm collects an override royalty on the revenue brought in by affiliates.

Based in Tampa, Fla., Concurrent has more than $6bn in total regulatory assets under management, according to a Form ADV filed with the SEC this week. The firm’s advisors are offered equity ownership when they become affiliated.

Earlier this month, Concurrent brought on a $700m advisory team in Atlanta, Ga. from Raymond James. In September, it reeled in an advisor team previously affiliated with Goldman Sachs Personal Financial Management.

‘We knew from day one that our path wouldn’t be an easy one. No change on this scale comes without bruises and scrapes. But the new momentum and success our teams have already earned has validated the effort we put into making the best version of Concurrent yet. And we’re just getting started,’ stated Concurrent chief executive Nate Lenz.

Concurrent is backed by serial RIA investor Merchant Investment Management, which took a minority stake in the company in July of 2021.


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