Concurrent has added Schwab Advisor Companies as one other custodial possibility for advisors after choosing 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, provide a wider vary of funding methods, and open new pathways of unbiased development for its groups of monetary advisors.
Concurrent was established as an workplace of supervisory jurisdiction in 2017 and had been an affiliate of Raymond James, however the corporations 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 homeowners relating to 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 present Concurrent workplaces, collectively representing over $1 billion in belongings underneath 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 boost their shopper expertise,” the corporate stated Wednesday.
“After selecting Constancy as our main custodian and efficiently onboarding greater than $5 billion of belongings onto that platform, now we have made good on our pledge to supply our advisors a really multi-custodial framework with the vary and caliber of sources they anticipate to ship actually unbiased, fiduciary service,” Joe McQuaid, managing director of platform options for Concurrent, stated in an announcement.
