Concurrent Marks One-Year Anniversary of its Transition to Hybrid, Multi-Custodial RIA Framework With Schwab Partnership and More Than $1B in New Assets

Last year, Concurrent announced its intent to restructure as a multi-custodial, hybrid RIA to create a more flexible service platform, offer a wider range of investment strategies, and open new pathways of independent growth for its teams of financial advisors.

After a year of difficult work, Concurrent has delivered on its promises to its advisors and their clients.

Since its relaunch earlier this year, Concurrent has expanded its platform to integrate the custodial solutions of Schwab Advisor Services. Concurrent welcomed a wave of new advisor teams and recruits for existing Concurrent offices, collectively representing more than $1 billion in assets under management (AUM).

The addition of Schwab as a custodial partner greatly expands Concurrent’s value as a turnkey destination for advisors who wish to establish themselves as independent entrepreneurs with access to a more complete arsenal of investment solutions, technology, and support to enhance their client experience.

“After choosing Fidelity as our primary custodian and successfully onboarding more than $5 billion of assets onto that platform, we have made good on our pledge to offer our advisors a truly multi-custodial framework with the range and caliber of resources they expect to deliver truly independent, fiduciary service,” said Joe McQuaid, Managing Director of Platform Solutions for Concurrent.

Concurrent’s transformation has already attracted new advisors from some of the largest financial institutions, as more financial professionals seek to take their businesses to the next stage of growth as entrepreneurs, not employees. Noteworthy additions to Concurrent include:

  • Tidwell-Premock-Basilone Private Wealth Management, a $300M AUM team serving the Fort Lauderdale community; formerly affiliated with Wells Fargo Advisors Financial Network 
  • Cox, Klugh & Co., a $200M AUM team in the Columbus, South Carolina region, founded by two former vice presidents of Goldman Sachs Personal Financial Management, Art Klugh and Brandon Cox, CFP® Professional 
  • Rodd Newhouse, formerly affiliated with LPL Financial, who has joined Wealth Partners Alliance, a Dallas, Texas-based advisor team powered by Concurrent 
  • Robert “Rooter” Wareing, formerly affiliated with Raymond James Financial Services, who has joined TailorMade Wealth Counsel, an advisor team powered by Concurrent and serving the Fort Lauderdale, Texas area

“Concurrent’s transition to an RIA framework has already opened doors for us as we look for top advisor talent to grow,” said Brittany Smith, Founding Partner of Wealth Partners Alliance. “Rodd has already proven to be a difference-maker as he expands the segments of clients we serve.”

Nate Lenz, CEO of Concurrent, remarked on the firm’s journey, “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.”


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