Concurrent, a San Diego-based OSJ on Raymond James’ independent contractor platform, said Wednesday that it recruited eight teams, four of them solo practitioners, amid the coronavirus pandemic, giving it a membership of 105 advisors in 45 offices and boosting its membership’s total AUM by over $900 million to more than $8.3 billion.
“In the face of the most significant health crisis in a century Concurrent has been resilient,” said Mike Hvalek, who founded Concurrent in 2016 with Kevin McFarland. “Independent advisors are joining Concurrent because they know they can rely on our open architecture platform and other resources to back them up while they help clients make the right choices to keep their long-term plans on track. We’re still helping advisors transition to independence, but we’re doing much more of it virtually.”
As a group of advisors within Raymond James, Concurrent offers a range of support services to help advisors—particularly the wirehouse breakaways that Raymond James is known to recruit—transition support, marketing, practice management, technology assistance, oversight, HR, legal and virtual administration. The network is billed as a way to share in the collective know-how of its advisors, who collaborate on best practices and share their M&A expertise, something which can be useful for wirehouse breakaways just getting into the independent business.
The eight new teams who recently joined Concurrent are largely former wirehouse teams who joined Concurrent from Raymond James.
- GreenBridge Wealth Management of Clearwater, Fla., led by Jeffrey McDonald, a 35-year industry veteran, is a four-person team formerly with Morgan Stanley with $200 million in assets at the wirehouse.
- Another former Morgan Stanley broker and solo practioner, John C. Buck, manages $183 million in assets for clients in the Chevy Chase, Md. area and became the first Concurrent advisor located in that state.
- The Cavanaugh, Foster & Sebastian Wealth Management Group, a former Wells Fargo Advisors team led by Mimi Cavanaugh, Bobby Foster, and Olivia Sebastian, boasts $115 million in AUM and is headquartered in Colorado Springs, Colo.
- Karry Haines, a solo practitioner from Wells Fargo Advisors in Fort Meyers, Fla., boasts $86 million in AUM.
- Picone Financial Partners, a Raymond James father and son team comprised of John and Richard Picone, is based in Bonita Springs, Fla., has $122.8 million in AUM.
- Michael Jensen, a solo advisor and Morgan Stanley veteran in Palm Harbor, Fla., oversees about $72.2 million in AUM.
- Matt Lindamood, a solo advisor formerly with Edward Jones, manages $69.7 million in AUM and is based in Lebanon, Va.
- Dianna Burkholder, also formerly of Edward Jones, manages $68 million in AUM.