“We’re well capitalized and are poised to expand the addressable market of both recruiting and M&A opportunities for our teams who we feel are best equipped to help solve the succession issues that plague our industry,” Lenz said. ”Rather than fishing in a small-protected bay, we will now have the open ocean at our disposal, and we’re excited for the inorganic growth opportunities this structure will present for our partner firms.”
Concurrent co-founder Mike Hlavek, in a statement, said the multi-custodial space will magnify Concurrent’s advantages and open M&A and advisor recruitment opportunities for its advisors to grow their own businesses. “Our advisors will have greater freedom to choose technology and service platforms tailored to their unique brand identities and client needs,” he said.
Concurrent has onboarded 25 financial advisors representing more than $3.4 billion in managed assets this year.