Marketing assets

Competitor hits 5-year milestone as its advisors double pre-pandemic assets

SAN DIEGO–(BUSINESS WIRE)–Concurrent Advisors, a partnership of independent wealth managers affiliated with Raymond James Financial Services, Inc. (RJFS), looks to 2022 after a year in which the firm welcomed 26 new teams of advisors in 10 states with its suite of growth capital services and options tailored to newly independent advisors. The new teams represent $3.5 billion in additional assets under management. In total, assets under management for all Concurrent-affiliated advisors reached $13.5 billion in assets under management as of January 1, 2022, more than doubling their assets held since 2019.

In 2021, Concurrent solidified its unique vision as a launchpad for advisors to develop sophisticated client solutions and grow as entrepreneurs. Concurrent’s suite of services for freelance and independent advisors using the Raymond James platform coupled with a minority investment from Merchant, which enabled Concurrent to offer growth capital directly to all advisors at Concurrent-affiliated businesses. Since its announcement, 55 companies took advantage of the offer.

“When we started Concurrent Advisors five years ago, we wanted to flip the script on what breakaways could accomplish as entrepreneurs,” said Nate Lenz, founding partner of Concurrent. “The past year has validated our mission to create meaningful growth, at all levels of our partner businesses, with operational scale and hands-on support.”

Lenz and his partners founded Concurrent in 2016 with a group of 8 independent advisors who needed more than the minimal, quantitative support of a typical office of supervisory justice (OSJ). After refining its core operational services, Concurrent has developed services to help its partner companies collaborate, stand out in the market and grow. Concurrent has come a long way since those early validation conversations, growing from 4 offices with $1.2 billion in assets under management to 59 offices overseeing $13.5 billion. On its official 5-year anniversary in December 2021, Team Concurrent celebrated the victories it has helped Advisors achieve, including:

  • Concurrent teams that had been with the company for at least a year added $807 million in net new assets in 2021, with 14 teams earning $20 million or more.

  • Concurrent has bolstered its advisor support and virtual administration capabilities with 6 new team members.

  • Teams joining Concurrent transferred 92% of their assets under management and 85% of their revenues in their first year.

  • Concurrent has enhanced its support for advisors with marketing, public relations and paraplanning services, as well as an expanded roster of technology partners.

  • Concurrent’s head office has grown to 20 people, 13 of whom joined last year.

“Our team has created something rare in wealth management: a support structure of peers who genuinely care about their shared success,” said Mike Hlavek, Chief Operating Officer and founding partner of Concurrent. “I’m honored by the momentum and depth of expertise we’ve brought together under the Concurrent banner, and I look forward to expanding our mission in 2022 as more Advisors discover what we can accomplish together.”

About Concurrent Advisors

Competitor (competitoradvisors.com) is a partnership of independent advisor-owned organizations that work together to achieve a shared vision of creating a great customer experience while developing their own practices.

San Diego-based Concurrent was founded in 2016 and currently serves 130 advisors in 59 offices with $13.5 billion in assets under management (AUM) and over $12 billion under deliberation (as of 01/01/2022 ). Building on their individual and unified strengths, our financial advisors leverage their collective scale to deliver an attractive value proposition to clients and other independent advisors in a highly competitive and ever-changing wealth management landscape.

Competitor and its network of advisory teams are not registered dealers or registered investment advisers. Concurrent’s network of financial advisors is comprised of registered representatives of Raymond James Financial Services, Inc.

About Raymond James Financial Services

Raymond James Financial Services, Inc. is a financial services company that supports independent financial advisors nationwide. Since 1974, Raymond James Financial Services Inc., Member FINRA/SIPC, has provided a wide range of investment and wealth planning related services through its subsidiary, Raymond James & Associates, Inc., Member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF), a leading diversified financial services company with approximately 8,400 financial advisors in the United States, Canada and the United States. foreigner. Total client assets amount to $1.26 trillion. Investment advisory services offered by Raymond James Financial Services Advisors, Inc.