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.
