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Friday, December 8, 2023

Hybrid RIA Concurrent Provides Schwab as Custodial Possibility for Advisors  

Concurrent has added Schwab Advisor Providers as one other custodial possibility for advisors after deciding on Constancy as its main custodian earlier this yr, the Tampa, Florida-based firm stated Wednesday.

Final yr, Concurrent introduced its intent to restructure as a multi-custodial, hybrid registered funding advisor to create a extra versatile service platform, supply a wider vary of funding methods, and open new pathways of unbiased development for its groups of economic advisors.

Concurrent was established as an workplace of supervisory jurisdiction in 2017 and had been an affiliate of Raymond James, however the companies stated final yr they break up up as Concurrent restructured its enterprise.

“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 instructed ThinkAdvisor on the time.

Since its relaunch earlier this yr, Concurrent has added a number of new advisor groups and recruits for current Concurrent places of work, collectively representing over $1 billion in belongings below administration.

Including Schwab as a custodial companion considerably expands Concurrent’s “worth as a turnkey vacation spot for advisors who want to set up themselves as unbiased entrepreneurs with entry to a extra full arsenal of funding options, expertise, and assist to reinforce their consumer expertise,” the corporate stated Wednesday.

“After selecting Constancy as our main custodian and efficiently onboarding greater than $5 billion of belongings onto that platform, we’ve got made good on our pledge to supply our advisors a very multi-custodial framework with the vary and caliber of sources they count on to ship really unbiased, fiduciary service,” Joe McQuaid, managing director of platform options for Concurrent, stated in an announcement.

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