Concurrent Continues Explosive Growth with Eight New Advisor Teams Managing More Than $900 Million in Assets

Rhea-AI Summary

Concurrent, a partnership of independent advisors affiliated with Raymond James Financial Services, has successfully adapted its onboarding protocols during the pandemic. Since mid-March, eight new advisor teams have transitioned to Concurrent, adding over $900 million in assets under management. The network now manages a total of $8.3 billion with 105 advisors in 45 offices. Concurrent continues to show resilience and rapid growth, emphasizing the importance of independent financial advice in these challenging times.

Positive

• Added $900 million in assets under management from eight new advisor teams.
• Total assets under management increased to $8.3 billion with 105 advisors.
• Concurrent is the fastest-growing advisor organization within Raymond James Financial Services.

Negative

• None.

SAN DIEGO, Sept. 16, 2020 /PRNewswire/ -- Concurrent, a partnership of elite independent advisors affiliated with Raymond James Financial Services, Inc. (RJFS) (member FINRA/SIPC), has adapted its transition and onboarding protocols to reflect the much-changed world. Since mid-March, when much of America started working from home, Concurrent has helped a total of eight new advisor teams (four in Florida, two in Virginia and one each in Maryland and Colorado) transition to the network. These newly recruited teams have boosted the total assets under management of the network's advisors by more than $900 million.

"How everyone is doing business may have changed, but that doesn't mean that entrepreneurial-minded advisors have given up their dream of owning their businesses," said Kevin McFarland, Founding Partner, Concurrent. "Americans need solid financial advice more than ever and top advisors realize that the independent space puts them in a much better position to meet that need."

Among the new teams joining Concurrent is GreenBridge Wealth Management of Clearwater, Florida, led by Jeffrey McDonald, a 35-year financial services veteran and a team of four. The group was most recently with Morgan Stanley where they managed and advised on approximately $200 million in assets.

John C. Buck, Jr. also formerly with Morgan Stanley, manages and advises on some $183 million in assets for clients in the Chevy Chase, Maryland area. This mark's Concurrent's first office in that state.

The father and son team of John and Richard Picone, of Picone Financial Partners in Bonita Springs, Florida, who were already with Raymond James Financial Services joins Concurrent with $122.8 million in AUM.

Also joining is The Cavanaugh, Foster & Sebastian Wealth Management Group, comprised of Mimi Cavanaugh, Bobby Foster and Olivia Sebastian. Formerly with Wells Fargo Advisors they have $115 million in assets under management and are headquartered in Colorado Springs.

Kerry Haines formerly with Wells Fargo in Ft. Meyers, Florida ($86 million AUM), Matt Lindamood from Edward Jones in Lebanon, Virginia ($69.7 million),  Dianna Burkholder from Edward Jones in Gretna, Virginia ($68 million), and Michael Jensen from Morgan Stanley in St. Petersburg, Florida (AUM $73M and AUA $60 million) round out the new additions to the Concurrent family.

"In the face of the most significant health crisis in a century Concurrent has been resilient," added Mike Hlavek, Founding Partner, Concurrent. "Independent advisors are joining Concurrent because they know they can rely on our open architecture platform and other resources to back them up while they help clients make the right choices to keep their long-term plans on track. We're still helping advisors transition to independence, but we're doing much more of it virtually."

Although less than five years old, the Concurrent network's 105 advisors in 45 offices around the country are entrusted with over $8.3 billion in assets under management. Concurrent continues to be the fastest-growing advisor organization within Raymond James Financial Services.

About Concurrent
Concurrent (concurrentadvisors.com) is an advisor-owned partnership of elite independent organizations working together to realize a common vision of creating a superior client experience while growing their own practices.

Headquartered in San Diego, Concurrent was founded in 2016 and currently serves 105 advisors in 45 offices with over $8.3 billion in assets under management (AUM) and approximately $9 billion under advisement (as of 8/27/2020). Drawing upon their individual and unified strengths, our financial advisors leverage their collective scale to provide an attractive value proposition to both clients and other independent-minded advisors in a highly competitive and constantly evolving wealth management landscape.

*Concurrent and its network of advisor teams are not registered broker/dealers or registered investment advisers.

About Raymond James Financial Services
Concurrent's network of financial advisors are registered representatives of Raymond James Financial Services, Inc., a financial services firm supporting 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 affiliate, 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 8,200 financial advisors throughout the United States, Canada and overseas. Total client assets are $877 billion. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.

CONTACT:      
Lisa Aldape 
JConnelly
973 525 6550
laldape@jconnelly.com  

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SOURCE Concurrent Advisors

FAQ

How much in assets did Concurrent add from new advisors?

Concurrent added over $900 million in assets under management from eight new advisor teams.

What is the total AUM of Concurrent as of September 2020?

As of September 2020, Concurrent manages a total of $8.3 billion in assets.

How many advisors are part of Concurrent?

Concurrent has 105 advisors in its network.

What is the significance of Concurrent's growth?

Concurrent continues to be recognized as the fastest-growing advisor organization within Raymond James Financial Services.

When was Concurrent founded?

Concurrent was founded in 2016.