What You Must Know
- Concurrent, an OSJ, says it’s restructuring as a multi-custodial, hybrid RIA.
- Raymond James says it’s going to help these advisors who wish to transition with Concurrent in addition to those that want to stay instantly affiliated as impartial contractors.
- The Concurrent restructuring might be finished in phases between now and early 2023, it says.
Raymond James and Concurrent Advisors, its affiliate primarily based close by in Tampa, Florida, have cut up up and Concurrent is restructuring its enterprise as a multi-custodial, hybrid registered funding advisor, the businesses stated Tuesday.
“Raymond James has determined to finish its relationship with Concurrent Advisors and is in discussions with the department house owners concerning an orderly dissolution of our relationship,” a Raymond James spokesperson informed ThinkAdvisor.
“In keeping with Raymond James’ values and commitments, we are going to help these advisors who wish to transition with Concurrent in addition to those that want to stay instantly affiliated as impartial contractors with Raymond James,” the spokesperson stated.
In the meantime, Concurrent issued a information launch on Tuesday saying its restructuring as a multi-custodial, hybrid RIA represents a “essential subsequent step within the agency’s mission to foster advisor entrepreneurship.”
Concurrent, which has served as an workplace of supervisory jurisdiction, was began in 2016 and is backed by investor Service provider Funding Administration. Concurrent served 145 advisors in 66 places of work with $12.7 billion in belongings beneath administration) and over $12 billion beneath advisement as of July 6, it stated.
The Concurrent restructuring “will happen in phases between now and early 2023,” and provides the agency and its advisor associates “entry to a broader vary of funding methods, merchandise, and know-how to maintain their aggressive edge as enterprise house owners,” Concurrent stated in its announcement.
“The households and establishments that depend on Concurrent-powered advisors for impartial, fiduciary service will in the end profit from a extra full vary of instruments and companies made doable in a multi-custodial group,” it stated.
The shift to a number of custodial companions “is not going to change the basic nature of Concurrent’s partnership with its affiliated advisors,” it stated. “Advisors will nonetheless faucet right into a platform of 38 devoted operations employees for planning, know-how, digital administration, and transition help.”
The agency can even proceed to supply shared capital and strategic assets, “made doable via Concurrent’s partnership with Service provider,” it famous.