RIA Roundup: Concurrent Launches New Hybrid Platform


After restructuring from an workplace of supervisory jurisdiction on the Raymond James platform to a multi-custodian, hybrid RIA mannequin, Concurrent Funding Advisors has formally relaunched with 5 new advisor groups managing greater than $440 million in collective property. The agency expects to carry one other $16.5 billion in property over earlier than the top of the yr.

In different RIA information this week, Commonwealth added $1.2 billion AUM Aegis Consulting from Lincoln Monetary; OneSeven accomplished its acquisition of TruClarity Wealth Companions; Benefit Monetary Advisors picked up an Atlanta agency with round $460 million in property; and Thrivent Advisor Community added its twenty fifth affiliate.

In the meantime, The Mather Group established its first Ohio location with its Clear Views acquisition; Apollon Wealth Administration created Catalyst Apollon in a cope with Catalyst Wealth; and Ryan Parker is taking on the function of CEO at EP Wealth Companions from Patrick Goshtigian.

In earlier reported information, former Focus Monetary co-head of M&A Vamsi Yadlapati is investing in and taking a seat on the board of Savvy Wealth; Mike Durbin talks about his transfer to Cetera Holdings from Constancy Investments; a pair of Michigan-based corporations have joined Built-in Companions to broaden UHNW providers; and Dynasty Monetary Companions is saying goodbye to a founder.

Concurrent Launches New Hybrid Platform with Extra Than $440 Million in New Belongings

Tampa-based Concurrent Funding Advisors, previously an workplace of supervisory jurisdiction established in 2017, efficiently restructured as a multi-custodial, hybrid RIA platform after dropping its affiliation with Raymond James final fall, the agency introduced.

Similtaneously the official re-launch, Concurrent added 5 new advisor groups with greater than $440 million in collective shopper property—Allegiant Wealth Companions in Virginia Seaside; Danielson Tate Capital Companions in Mandeville, La.; Spectrum Wealth Companions in West Berlin, NJ; Value Monetary Administration in Berlin Township, NJ; and Alex Reid, who joined Concurrent companion agency Columbia Associates.

Greater than two dozen different teams are anticipated to transition to the brand new platform in Q2 and Q3 as Concurrent works to carry over present places of work. By year-end, the agency expects to supervise greater than $17 billion in property.

“There’s a very orderly, mutually agreed-upon transition of the places of work which have chosen to depart the Raymond James OSJ construction and transfer to the multi-custodial RIA construction,” stated Rick D’Amico, companion at Service provider Funding Administration, which has held a minority fairness stake in Concurrent since the summer season of 2021.

Constancy was chosen as Concurrent’s first custodian, and Practifi, SmartX and BlackDiamond are core elements of the agency’s know-how platform.

“All through our historical past, we have now been pushed to supply advisors with the instruments, assets and assist they should develop their companies, and embrace an impartial and fiduciary-based mannequin,” Concurrent co-founder Nate Lenz stated in a press release. “To have 5 new joins, even via an intense transition interval, speaks to the success and tradition our advisors have demonstrated to {the marketplace} through the years.”

“What we have seen is an extremely proficient group of operators which were in a position to entice actually nice entrepreneurial advisors,” stated D’Amico.

Service provider invested in Concurrent to assist expanded development initiatives when the agency was managing a little bit greater than $12 billion in property. D’Amico referred to as the agency’s development “one other testomony to how far the trade has continued to evolve by way of constructing these world-class impartial, multi-billion-dollar RIA infrastructures.”

$1.2B Aegis Consulting Joins Commonwealth from Lincoln Monetary

Commonwealth Monetary Community, a hybrid RIA partnership platform with headquarters on each coasts, introduced the addition of Aegis Consulting, in Jacksonville, Fla., to its rising variety of impartial advisory corporations.

With Lincoln Monetary for 39 and 25 years, respectively, principals Michael Cirino and Alexander Harrison carry some $1.2 billion in shopper property, 11 advisors and extra assist employees to Commonwealth.

On common, Aegis advisors have been working with shoppers for greater than 24 years.

“Wholesome organizations develop each organically and by attracting new folks, particularly younger expertise,” stated Harrision. “We’re trying ahead to even better success as we implement our new marketing strategy with the assistance of Commonwealth.”

With headquarters in Waltham, Mass., and San Diego, Calif., the Commonwealth community contains greater than 2,100 advisors overseeing round $243 billion in shopper property.

OneSeven Buys TruClarity Wealth Advisors

OneSeven, a Service provider Funding Administration-backed RIA based mostly in Beachwood, Ohio, accomplished its acquisition of TruClarity Wealth Advisors in a deal initially introduced in February.

OneSeven launched in 2016 with assist from TruClarity Administration Options, the RIA’s sister advisor transition and observe administration platform—which was acquired by Dynasty Monetary Companions.

TruClarity Wealth will retain its branding and workplace house in St. Petersberg, Fla. The workforce manages greater than $690 million in property—bringing OneSeven to greater than $3 billion in whole AUM. Monetary phrases weren’t disclosed.

Since asserting its partnership with Service provider in August 2022, OneSeven has grown to greater than 80 staff, together with 34 impartial advisors, throughout 11 states. The agency plans to achieve $50 million in income by the top of this yr.

Benefit Expands Pennsylvania Presence with Deliberate Futures

Benefit Monetary Advisors, an Atlanta-based hybrid RIA, acquired Deliberate Futures in a deal that closed on Could 19.

“We anticipate the transition to the Benefit platform will probably be fully seamless,” the agency introduced on its new web site. “You’ll nonetheless have entry to all the identical folks and data you’ve got now, however with extra assist on the again finish.”

Primarily based in Williamsport, Penn., the addition expands Benefit’s presence within the area and will increase property by some $460 million. Agency leaders James Arnold and John Keene, Jr. will tackle new roles as regional administrators and companions at Benefit.

The agency makes a speciality of funding administration and retirement planning for state staff and mass prosperous traders.

“Increasing Benefit’s presence in Pennsylvania has been a spotlight for a while, and we’re very happy to have James and John lead the cost,” Benefit CEO Rick Kent stated in a press release.

The deal represents Benefit’s nineteenth acquisition since taking a minority funding in December 2020 from Wealth Companions Capital Group and a gaggle of strategic traders led by HGGC’s Aspire Holdings platform.

In the present day, Benefit has 40 places of work and greater than 100 advisors overseeing round $8 billion in property, together with $5.8 billion in managed property, $2.3 billion in brokerage property at LPL and $63 million in property below advisement, in accordance with Tuesday’s announcement.

The Mather Group Establishes 1st Ohio Workplace in Cope with $360M Charge-Solely Agency

The Mather Group introduced it acquired Clear Views Monetary Planning in a deal that closed on Could 19.

Clear Views was co-founded by Carol Hoffman and Tim Grout, who had spent 20 and 30 years, respectively, in finance at Proctor & Gamble. After listening to family and friends bemoan the shortage of reasonably priced and reliable monetary recommendation, the pair determined to determine their fee-only observe in 2008. The Cincinnati, Ohio-based agency was managing round $360 million in property on the time of its acquisition.

“Constructing our enterprise has really been a labor of affection, particularly as a result of so lots of our early shoppers have been those who have been already close to and pricey to us,” Hoffman stated in a press release, noting the deal will enable each advisors to spend extra time with all their shoppers.

“A bigger agency merely has extra assets to dedicate to staying forward of the curve and investing in applied sciences that may promote effectivity,” added Grout. “We’ve been impressed with TMG’s concentrate on streamlining workflows and automating sure processes, which might actually improve workforce collaboration, cut back errors, and in the end, enhance the shopper expertise.”

“Now we have a long run relationship with that workforce there,” stated TMG Chairman Daniel Bryant. “It’s a market we actually are excited to develop, given we’re headquartered in Chicago. They’ve a terrific concentrate on their shoppers and can proceed our tradition of placing our shoppers entrance and heart with our technique.

“We sit up for constructing a bigger presence round Cincinnati and throughout the state with them,” he stated.

The workforce’s workplace in Cincinnati represents TMG’s first bodily location in Ohio. The agency has 15 places of work nationwide and greater than $11.7 billion in shopper property.

Apollon Wealth Administration Creates Catalyst Apollon with Atlanta Add

Apollon Wealth Administration, an SEC-registered and investment-led wealth administration agency and partnership platform based mostly in South Carolina, introduced that Catalyst Wealth Administration will probably be becoming a member of the agency below the title Catalyst Apollon.

Primarily based in Atlanta, the Catalyst workforce is led by managing companions Christopher Pullaro, David Pierce, Dave Mirolli and Brian Pierce. They’re joined by advisors Matt Cayce and Cal Halliburton.

The workforce serves a little bit greater than 300 shoppers, primarily within the southeastern U.S., with some $193 million in property.

Based in 2018 with seven advisors, Apollon now contains round a dozen companion corporations and employs some 70 advisors managing about $3 billion in shopper property.

Thrivent Advisor Community Provides twenty fifth Affiliate

Thrivent Advisor Community, a Minneapolis-based hybrid RIA platform launched in September 2019, added its twenty fifth affiliate with Perspective Monetary Providers in Phoenix.

Based in 2003 by Mike McCann, the eight-person Perspective workforce manages $230 million in shopper property.

“We performed a deliberate and intensive seek for a strategic alliance that might assist our rising operations and know-how wants,” McCann stated in a press release. “We’re enthusiastic about our continued development, with Thrivent’s broad operational assist and the power, flexibility and autonomy Thrivent affords.”

The Thrivent Advisor Community platform affords know-how, advisory, compliance and threat, and advertising and marketing and model administration assist, in addition to capital providers {and professional} neighborhood engagement alternatives.

TAN contains greater than 130 advisors in 17 states managing greater than $5 billion in shopper property.

Ryan Parker Steps into CEO Position at EP Wealth Advisors

EP Wealth Advisors President Ryan Parker will transfer into the function of chief govt officer on the agency on July 1, in accordance with an announcement.

On the identical time Patrick Goshtigian, who has served as CEO since 2011, will change into the agency’s govt chairman.

Goshtigian will concentrate on attracting high expertise to the agency, whereas Parker will head up its community of advisors and oversee the event of EP’s advertising and marketing initiatives, funding platform, portfolio technique and wealth advisory and administration providers.

“I’m extremely pleased with the workforce we’ve constructed and the dedication we have now to enriching lives,” Goshtigian stated in a press release. “In my new function—engaged on a full-time foundation as govt chair—I’ll be able to concentrate on particular strategic initiatives and M&A, whereas offering a sounding board for Ryan.” 

Los Angeles area-based EP Wealth was based in 2004 and is backed by PE agency Berkshire Companions. After taking a minority funding from Wealth Companions Capital Group in 2017, the agency launched into a nationwide inorganic technique.

In the present day, EP Wealth employs greater than 350 professionals, together with round 175 monetary advisors managing greater than $18 billion in property—up from round $15 billion in late 2022. Over the identical time, the agency grew its presence from 18 places of work in 9 states to 30 places of work in 11 states.

“We proceed so as to add extremely proficient workforce members to assist our nationwide advisor base and main that group as we develop and evolve will probably be my focus as CEO,” stated Parker. Guaranteeing we’re constantly forward of the curve in our providing, service and dedication to shoppers is how EP grew to change into one of many leaders within the RIA house. My intention is to proceed on that path.”


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