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Concurrent Funding Advisors, a hybrid registered funding advisor with a 1099 affiliation mannequin, has snagged a $1.3 billion wealth administration workforce from Raymond James.
Founding managing companions Invoice Keaton and Alfred Sams have been with Raymond James since 2017. They are going to now transfer with their workforce of 4 to Concurrent’s 1099 affiliation platform, with Goldman Sachs as their custodian. Concurrent has additionally taken a minority stake within the new agency, Keaton and Sams Wealth Administration.
“Partnering with Concurrent permits us to raise the options and alternatives we are able to ship, particularly for households whose monetary lives have grown extra complicated,” Keaton mentioned in a press release.
The transfer boosts Concurrent’s property below administration to over $15 billion, including to its roughly $16 billion below advisement, together with employer-based retirement plan property. Monetary phrases of the deal weren’t disclosed.
Keaton and Sams shall be based mostly in Savanah and Sea Island, Ga. In line with BrokerCheck, the founders had been with SunTrust for roughly 14 years earlier than becoming a member of Raymond James.
Throughout an earnings name on Wednesday, Raymond James CEO Paul Shoukry championed report advisor headcount for the fiscal yr ending in September and a robust recruiting pipeline. He additionally remarked on the aggressive atmosphere for advisor groups and acknowledged the agency would possible expertise attrition within the subsequent quarter.
“There are nonetheless very wealthy offers on the market from the roll-ups and aggregators,” he mentioned. “There’s motion on the market that may be a reflection of the aggressive atmosphere and the M&A atmosphere.”
Concurrent is backed by Service provider Funding Administration and has a minority funding in over 70 affiliate companies.
Earlier this yr, Concurrent launched a minority funding program to supply capital to RIAs not on its platform.
It additionally made its first full acquisition of an affiliate RIA, making its workforce W-2 workers. CEO Nate Lenz mentioned on the time, nonetheless, that this was not a long-term technique for the RIA platform.
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