Concurrent Investment Advisors, a Tampa-based hybrid RIA with $9.7 billion in assets that was formerly an office of supervisory jurisdiction under Raymond James, has hired David Montgomery as managing director of retirement plan services. Montgomery joins from OneDigital, where he served as director of retirement investment services.
Montgomery joined OneDigital in 2020 as vice president of retirement services after the company acquired Fidelis Fiduciary Management, a contract investment fiduciary firm he co-founded.
In the new role, he will be responsible for supporting Concurrent's retirement plan advisors and expanding the firm's resources in the space. RIA currently has around 325 pension plan clients.
“Our dedicated pensions division further advances Concurrent's advisor support, bringing together all of our offerings in a thoughtful way for the benefit of advisors and their clients,” Eddy Augsten, managing director of investments at Concurrent, said in a statement. . “David's extensive expertise in external investments will be key to fulfilling our goal of providing advisors with targeted support to grow their practices and strengthen their client relationships.”
The hiring is part of a larger initiative at Concurrent to build the retirement plan division. This will likely include acquisitions in the retirement plan space and the integration of RIA's Centralized Wealth Advisory Solutions. The firm also expects to expand its asset management products to address the needs of plan participants.
Advisors and clients will have access to the TIFIN @Work platform, which was launched earlier this year in partnership with Franklin Templeton. The platform aims to help employee plan participants evaluate their workplace benefit plan options and receive automated investment advice on contributions and allocations.
This follows news earlier this month that At the same time, he added six new advisers with a combined AUM of $885 million.
Concurrent was founded in 2017 as a technology and services platform for independent financial advisors. Its CEO, Nate Lenz, a former vice president of estate planning and acquisitions at Raymond James Financial Services, co-founded the firm.
Commercial Investment Management, a New York-based private partnership providing growth capital and other support for independent financial services firms, took a minoritynon-controlling interest in the firm in 2021.
Last year, simultaneously successfully restructured as a multi-custodian, hybrid RIA platform after shedding its ties to Raymond James. It chose Fidelity as its first custodian, and Practifi, SmartX and BlackDiamond are core components of its technology platform. It has maintained a broker/dealer relationship with PKS Investments.
Montgomery's departure from OneDigital follows that of fellow executive Jania Stoutwho left earlier this year for Prime Capital as president of its business and financial wellness retirement plan consulting company. Stout came to OneDigital in 2021, when the firm purchased the assets of Fiduciary Plan Advisorswhich she founded in 2014