Concurrent Provides Schwab as Custodial Choice for Advisors  


Concurrent has added Schwab Advisor Providers as one other custodial possibility for advisors after deciding on Constancy as its major custodian earlier this 12 months, the Tampa, Florida-based firm stated Wednesday.

Final 12 months, 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 impartial progress 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 companies stated final 12 months they cut 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 relating to an orderly dissolution of our relationship,” a Raymond James spokesperson instructed ThinkAdvisor on the time.

Since its relaunch earlier this 12 months, Concurrent has added a number of new advisor groups and recruits for present Concurrent places of work, collectively representing over $1 billion in property 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 impartial 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 major custodian and efficiently onboarding greater than $5 billion of property onto that platform, we’ve made good on our pledge to supply our advisors a very multi-custodial framework with the vary and caliber of sources they anticipate to ship actually impartial, fiduciary service,” Joe McQuaid, managing director of platform options for Concurrent, stated in a press release.


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