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Concurrent Investment Advisors, a hybrid registered investment advisor with a 1099 affiliation model, has snagged a $1.3 billion wealth management team from Raymond James.
Founding managing partners Bill Keaton and Alfred Sams have been with Raymond James since 2017. They will now move with their team of four to Concurrent’s 1099 affiliation platform, with Goldman Sachs as their custodian. Concurrent has also taken a minority stake in the new firm, Keaton and Sams Wealth Management.
“Partnering with Concurrent allows us to elevate the solutions and opportunities we can deliver, especially for families whose financial lives have grown more complex,” Keaton said in a statement.
The move boosts Concurrent’s assets under management to over $15 billion, adding to its roughly $16 billion under advisement, including employer-based retirement plan assets. Financial terms of the deal were not disclosed.
Keaton and Sams will be based in Savanah and Sea Island, Ga. According to BrokerCheck, the founders had been with SunTrust for approximately 14 years before joining Raymond James.
During an earnings call on Wednesday, Raymond James CEO Paul Shoukry championed record advisor headcount for the fiscal year ending in September and a strong recruiting pipeline. He also remarked on the competitive environment for advisor teams and stated the firm would likely experience attrition in the next quarter.
“There are still very rich deals out there from the roll-ups and aggregators,” he said. “There is movement out there that is a reflection of the competitive environment and the M&A environment.”
Concurrent is backed by Merchant Investment Management and has a minority investment in over 70 affiliate firms.
Earlier this year, Concurrent launched a minority investment program to provide capital to RIAs not on its platform.
It also made its first full acquisition of an affiliate RIA, making its team W-2 employees. CEO Nate Lenz said at the time, however, that this was not a long-term strategy for the RIA platform.
