Goldman is among a handful of custody partners that the Florida RIA now works with as it looks to accommodate a high net worth clientele.
By Sam Bojarski
Concurrent Investment Advisors has added Goldman Sachs as a custody partner, the RIA disclosed in a January filing with the Securities and Exchange Commission (SEC).
A hybrid firm and platform service provider backed by serial RIA investor Merchant Investment Management, Concurrent has touted its ‘multi-custodial’ offering and has recruited heavily from wirehouses and other RIA firms in recent years.
A former office of supervisory jurisdiction for Raymond James, Concurrent split from RayJay and established custodial partnerships with Fidelity and Charles Schwab, Citywire reported in 2022.
Along with the two RIA custody giants and Goldman, Concurrent also recommends Inspire Financial Trust as a custodian for clients, per the January SEC filing.
‘Concurrent is excited to add Goldman Sachs as a custody partner. In an evolving financial landscape, the partnership expands options for our advisors and their clients, particularly in the high-net-worth and ultra-high-net-worth space,’ a Concurrent spokesperson told Citywire. ‘Since our launch as a hybrid RIA, we have prioritized equipping financial advisors with the tools and investment resources that fit their client needs.’
Headquartered in Tampa, Fla., Concurrent manages about $10bn in assets and employs over 130 advisors, per its most recent Form ADV filed with the SEC. The RIA is led by chief executive Nate Lenz (pictured), who co-founded Concurrent in 2017.
Goldman Sachs broke into the oligopolistic RIA custody business in 2020, when it bought online brokerage and custodian Folio Financial. Goldman has branded its custody business as Goldman Sachs Advisor Solutions and has signed on RIA clients like Creative Planning, Prime Capital Financial and Ashton Thomas Private Wealth, among others.
The $8.7bn San Francisco RIA Perigon Wealth Management revealed a custody deal with Goldman last month.
Goldman touts its digital-first approach to trading and client onboarding, as well as lending against alternative asset classes for custody clients. The custody unit does business under the Goldman Sachs Advisor Solutions brand name.
‘We are pleased to be working with Concurrent Investment Advisors enabling them to offer their clients a suite of institutional products that support their unique needs,’ Jeremy Eisenstein, managing director at Goldman Sachs, stated to Citywire.
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