Concurrent Moving to Multi-Custodial Offering

Advisors will have access to a wider array of investment and marketing strategies.

Illustration by RIA Intel

Illustration by RIA Intel

Concurrent Advisors, a Tampa, Fla.-based RIA firm, is restructuring its business from a single-custodian model to a multi-custodial, hybrid RIA platform to offer advisors more options to service clients’ fiduciary needs.

Concurrent says the move will offer advisors a larger and more diverse selection of investment strategies, products, and technology. Ultimately, Concurrent aims to provide each of its independent advisors with the ability to access a more complete set of tools, so that they can better serve their existing and new clients.

“What’s really exciting to our advisors is the chance to build a modern platform from a clean slate,” Concurrent co-founder Nate Lenz says. “That means digital marketing and branding solutions, access to investment strategies beyond traditional market allocations, and additional resources, along with the dedicated operational support we’ve always provided.”

In 2022, Concurrent contracted with 25 new financial advisors who brought with them more than $3.4 billion in managed assets, bolstering Concurrent’s overall AUM to more than $12 billion. With the changes planned for the business’s structure, the goal for 2023 is to bring more than $15 billion under management.

The changes, scheduled to take place in phases by early 2023, will not fundamentally alter the way Concurrent’s affiliated advisors interact with the company. They’ll still have access to nearly 40 dedicated operations staff members who can help them handle middle-office duties such as virtual administration, transition support, planning, and technology. The company is counting on the new multi-custodial approach to present them with increased merger and acquisition activity and advisor recruitment resources to help partners grow their individual businesses.

“Our advisors will have greater freedom to choose technology and service platforms tailored to their unique brand identities and client needs,” says Concurrent co-founder Mike Hlavek. “We’re excited to support our advisors with an even wider variety of integrations with market-leading planning tools, trading solutions, TAMPs, alternative platforms, and CRMs.”

The timing for this action coincides with Concurrent’s growth and its goals going forward. “We started Concurrent to give independent advisors a platform to grow as entrepreneurs and fiduciaries,” says Lenz. “Right now, we’re in an environment of market volatility and uncertainty. To help our advisors grow and keep clients on track, they need a greater variety of investment solutions and platform support than they could find with a single custodian.”

The specifics of the multi-custodial hybrid platform are still being formulated, researched, and tested. Concurrent is in conversations with several leading custodians right now.

“We will select a primary custodian in the coming weeks,” says Lenz. “We’re looking for partners who can offer a wide range of investments, data, insights, and comprehensive offerings, along with a long track record of performance and a global presence.”

Lenz and Hlavek are clearly bullish on their five-year-old company and see more potential for growth in the multi-custodial space. “By removing the limits imposed by the single-custodian space and an antiquated wirehouse mindset, we have uncapped the growth potential of advisors powered by our platform,” Lenz says. “We look forward to sharing more details about our new partnerships in the weeks to come.”

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