Tampa’s Concurrent swipes $700M Raymond James team in largest recruitment since launch

Concurrent Investment Advisors is expanding in the Southeast by recruiting an eight-member team with $700 million in assets under management formerly affiliated with Raymond James Financial.

Lumature Wealth Partners marks the largest addition to Concurrent’s platform since its restructuring and launch as a multicustodial independent registered investment adviser earlier this year. The firm launched with five adviser teams and $440 million in assets under management in May, but that figure has quickly surpassed more than $6 billion, according to financial disclosures filed with the U.S. Securities and Exchange Commission.

Concurrent was also formerly a part of the independent contractor channel of Raymond James’ wealth management division before breaking away from the St. Petersburg financial giant in late 2022. Co-founder and CEO Nate Lenz established a precursor to Concurrent in 2016 and built the firm on the Raymond James platform before spinning out to expand to multiple custodian partners.

Lumature extends Concurrent’s reach to offices in Atlanta and Charleston, South Carolina, adding to a network of more than 100 advisers at 33 affiliated firms in 17 states, from California to Texas, New Jersey, Arkansas, Oklahoma, Washington, D.C., Oregon, New Mexico, Illinois, Tennessee, Colorado, Kansas, Virginia, Michigan and Florida.

Lenz and founding partners Scott Steele and Kevin McFarland launched Concurrent as a platform to support investment advisers transitioning to independence by providing technological and operational resources.

Those resources are why Lumature Principals Ross Ramsey and R. Corley Watson III approached Concurrent to form a partnership, according to Lenz.

“Earning this partnership so soon after our transition to a multicustodial, hybrid RIA has validated our approach,” he said.

Share

More Posts

Are 401(k)s the ultimate retirement plan?

David McBee, Managing Partner at Wealth Partners Alliance, was featured in InvestmentNews’ article, “Are 401(k)s the ultimate retirement plan?” In the article, David underscored the