Tampa firm launches RIA platform with multibillion-dollar potential after split from Raymond James

Concurrent Investment Advisors is officially launching as a registered investment adviser after breaking away from the Raymond James Financial network late last year.

The Tampa-based wealth management group restructured as a multicustodial RIA platform and recruited five new adviser groups with a combined $440 million in assets under management, according to the firm. Concurrent is also transferring existing offices in its network to the new platform, with more than two dozen adviser groups and $17 billion in assets expected to join by the end of 2023.

Concurrent announced it would restructure in September 2022 when it split from the independent contractor channel of Raymond James’ wealth management division. Concurrent had 166 advisers in its network with a combined $13 billion in assets under management at the time of the breakaway, according to documents filed with the U.S. Securities and Exchange Commission.

Concurrent was founded in 2017 with the backing of Merchant Investment Management, a New York private equity firm that focuses on investments in the financial services sector. Concurrent continues to rely on Merchant for capital, operational support and strategic resources, according to the firm.

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