LPL wins, Raymond James loses in billion-dollar branches’ big moves

The complicated ties between independent wealth managers and their biggest branches are working for both sides in one major firm’s case and falling apart in that of another.

Concurrent Advisors — and its 145 financial advisors with $12.7 billion in client assets — will drop Raymond James Financial Services as its brokerage and leave Raymond James’ custodian next year, according to statements from the firms this week. Since receiving a minority equity investment last year from Merchant Investment Management, Concurrent has added 25 advisors with $3.4 billion in client assets through its recruiting in 2022. The firm now plans to follow a different billion-dollar enterprise, Steward Partners, that already left Raymond James’ brokerage this year.

Read the full article here.

Share

More Posts

Concurrent VP Jeremy Massullo Featured on The COO Roundtable Podcast

In an episode of The COO Roundtable, our own Jeremy Massullo, Concurrent’s very first employee, joins Matt Sonnen alongside Dr. Jordan Hutchison of RFG Advisory.

Concurrent Introduces Bespoke Alternative Assets Platform For High-Net-Worth Clients

Custom-built alts program creates one entry point for institutional-quality portfolios TAMPA, Fla.–(BUSINESS WIRE)–Concurrent Investment Advisors, LLC (“Concurrent”), a multi-custodial hybrid RIA, launches its enterprise-grade alternative

Concurrent Advisor Ramin Abrams Succeeds With Millennials and Gen Z

At Concurrent, we’re proud to work alongside advisors like Ramin Abrams, who has carved out a unique niche in wealth management, focusing on high-earning millennials

Concurrent CEO Nate Lenz Featured on RIA Edge Podcast

Nate Lenz, our CEO and Co-Founder, was recently interviewed on the RIA Edge podcast. He shared how Concurrent helps independent financial advisors grow while maintaining

Advisory Services offered through Concurrent Investment Advisors, LLC, an SEC Registered Investment Advisor. Brokerage services offered through Purshe Kaplan Sterling Investments (PKS), Member FINRA/SIPC Headquartered at 80 State Street, Albany, NY 12207. PKS and Concurrent Investment Advisors, LLC are not affiliated companies.

These materials have been independently produced by Concurrent. Concurrent is independent of, and has no affiliation with, Charles Schwab & Co., Inc. or any of its affiliates (“Schwab”). Schwab is a registered broker-dealer and member SIPC. Schwab has not created, supplied, licensed, endorsed, or otherwise sanctioned these materials nor has Schwab independently verified any of the information in them. Concurrent provides you with investment advice, while Schwab maintains custody of your assets in a brokerage account and will effect transactions for your account on our instruction.

Fidelity Investments and Fidelity Institutional® (together “Fidelity”) is an independent company unaffiliated with Concurrent Investment Advisors LLC (“Concurrent”). Fidelity is a service provider to Concurrent. There is no form of legal partnership, agency affiliation, or similar relationship between Concurrent and Fidelity, nor is such a relationship created or implied by the information herein. Fidelity Institutional® provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC 1077692.1.0