Deals & Recruiting Roundup: Concurrent, Caprock, Focus, Integrated And More

This edition of the Deals & Recruiting Roundup features our newest Recruiter Of The Month. We speak with Nate Lenz, CEO and Co-Founder of Concurrent Investment Advisors, on its steady pace of onboarding advisors and adding office locations.

This week’s deals also include Caprock acquiring $2.2 billion Grey Street Capital, The BBVA Group establishing BBVA Global Wealth Advisors in Miami, Osaic recruiting $280 million father-daughter team Kings Mill Wealth Advisors, Journey Strategic Wealth bringing on $160 million father-daughter team Meath Wealth Advisors, Integrated Partners helping to launch WFY Wealth Management, Focus Financial Partners formalizing its relationship with Flourish, the launch of sell-side M&A advisory venture Hue Partners, Raymond James appointing CFO Paul Shoukry as President and its next CEO, and The Colony Group appointing Sheila Ryan as President of Colony Wealth Management.

Recruiter Of The Month

Nate Lenz, CEO And Co-Founder, Concurrent

Nate Lenz, CEO And Co-Founder, Concurrent
Nate Lenz, CEO And Co-Founder, Concurrent

Concurrent Investment Advisors departed from Raymond James in 2022, restructured as a multi-custodial hybrid RIA, and onboarded several advisory teams in 2023. The firm recently recruited advisors Ramin Abrams, Glenn Holmes and Sean O’Neill, who bring a combined $365 million in AUM.

Holmes is opening the T7 Legacy office in Florida. Abrams will adopt the Concurrent brand while opening a New York office. O’Neill joins Legacy Wealth Partners, a Denver-based firm in the Concurrent network. Concurrent has approximately $7.5 billion in AUM and over $17 billion in assets under advisement.

And now for our Q&A with Nate Lenz, CEO and Co-Founder of Concurrent.

WSR: Why has Concurrent been able to achieve its recent advisor recruitment successes?

Lenz: Competitive economics, a robust technology stack, strong operations and transition support, and alignment through equity ownership have become table stakes for RIAs seeking to grow through experienced advisor recruiting and M&A. If you don’t have that, you’re not in contention. What has set Concurrent apart is our ability to add value from a business consulting standpoint.

Helping teams manage change, develop talent, orchestrate partnerships and create efficiencies position us as a strategic partner in addition to serving as their platform. We have been able to serve in this role due to the high caliber, experienced home office team we’ve assembled and the willingness of our partner firms to share and collaborate.

WSR: What types of advisors and teams are you looking to bring on? What makes for an ideal candidate?

Lenz: An ideal Concurrent partner firm has an entrepreneurial drive. It is growth-oriented, not just in terms of asset growth but in motivation to improve how they serve clients and operate their businesses. They’re humble and self-aware, recognizing the benefit of collaboration.

Concurrent is a platform for and investor in, independent wealth management firms. An independent mindset is key. Not a specific asset/revenue level or channel of origin fits best, as we believe we can accommodate advisor teams across the affiliation spectrum. Mindset and cultural fit always take precedence.

WSR: How is Concurrent seeking to differentiate itself and stand out to these types of advisors?

Lenz: From wirehouse breakaways to independent teams operating at a broker-dealer to RIAs looking to align for greater scale, resources and growth capital, Concurrent fits the bill. Our key differentiators are our culture of collaboration, the optionality afforded through our partnership structure, allowing firms to tap growth capital and align through shared equity ownership to the degree they desire, and our purpose-built platform.

We’re not everything to everyone, and we’ve been deliberate in the vendor choices we’ve made, how we’ve integrated the systems, and our training process to ensure each team gets the lift that our upgraded technology affords. In all aspects we seek to build credibility and trust through competency, which means that it all comes back to the fact that our people are the differentiator.

Read the full article here.


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