Concurrent Investment Advisors hit growth targets in its first year as a newly structured hybrid RIA and started 2024 with several new additions, the firm reported this week, while Carson Group announced additions to both RIA platforms, Realta Wealth tapped a former Cetera SVP to serve as CFO and Savant Wealth Management named DeLynn Zell and Spencer Segal to its board of managers.
In previously reported news, Savvy added a second custodian and three counselorsMerit Financial Advisors bought a firm in the Pacific Northwest with $542 million, Baird Private Wealth Management added a UBS team with $680 million in Wisconsin, Nepsis launched an in-house corporate pensions division with talent from Northwestern Mutual and Diversify Advisory Network debuted an enhanced fee-only asset management platform for its growing ecosystem of 1099 and W-2 advisors.
In related news, Hightower CEO Bob Oros sat down with him WealthManagement.com last week for him talk about its fifth anniversary and leading the firm through structural and strategic changes as assets grew by more than $80 billion.
After reaching $17 billion in '23, the concurrent results advisors from Wells Fargo, Raymond James
Concurrent Investment Advisors, a Tampa-based hybrid RIA that was formerly an office of supervisory jurisdiction under Raymond James, has pulled two more advisers from its former affiliate just over a year after cutting ties and then transition of more than 60 teams of advisors and $17 billion in advisory and pension assets for the new structure.
A third addition, from Wells Fargo, joined Concurrent in December. Together, the trio brings approximately $365 million in assets under management to the growing advisor services platform, which reports a total of $7.5 billion in regulatory AUM.
From Raymond James Financial Services, Denver-based Sean O'Neill joined concurrent partner firm Legacy Wealth in January. According to a release, he made the move for more independence and access to a wider range of investment and marketing support.
In Jacksonville, Fla., Glenn Holmes made the move from Raymond James in February to launch T7 Legacy, which is focused on providing financial planning to business owners and corporate executives.
Former Wells Fargo advisor Ramin Abrams in New York City launched his new practice under the Concurrent Advisors brand to offer portfolio management as well as financial and multigenerational planning.
Backed by Commercial Investment Management, Concurrent has taken a minority non-controlling interest in all but two of its partner firms, and equity is being offered to all subsidiaries. The firm has made no outright acquisitions, prefers equity exchange transactions, and has no W-2 option.
Outright acquisitions aren't off the table, CEO Nate Lenz said, but it would have to be in a situation where the adviser isn't planning an immediate exit because Concurrent doesn't want to compete with its advisers and isn't designed to absorb orphaned clients. .
“But our teams are,” he noted.
Concurrent expects to reach $10 billion in assets under management by the end of the year, in addition to an existing $10 billion in retired assets, according to a firm spokesman.
Carson Wealth adds 13th locally acquired office, Scoops Colorado Advisor
Carson Wealth, the W-2 division of Carson Group, has acquired a team of three that manages $163 million for clients in Elkhorn, Neb., a 7-minute drive from Carson's Omaha headquarters.
Joining Carson Wealth as managing directors, David Carroll and Jon Springer were partners and senior advisors co-leading the Omaha branch of Denver-based Elk River Wealth Management, which provides financial planning and leverages partnerships to provide a range of family office services. Client Services Manager Jessica Fricke joined them in the move, while an Omaha-based operations manager appears to have left.
“We were drawn to the unparalleled resources and support the firm provides,” Springer said in a statement, citing more investment options and in-house expertise.
Carson Partners, Carson Group's 1099 platform, also announced it added a Colorado advisor previously associated with Continuum Advisory and Triad Advisors.
A CFP since 1999, Jody J. Roth has represented Wealth Management Associates in Colorado for approximately eight years. Joining Carson as a partner, he spent more than 17 years with Transamerica Financial Advisors and then moved his practice to Signator Investors for about a year before joining Continuum and Triad in 2016.
Founded in 1983 by CEO Ron Carson, Carson Group manages approximately $34 billion in assets and serves more than 49,000 families in an advisory network of more than 150 partner offices. 401(k) business Northwest Capital and more than 50 Carson Wealth locations. The securities are offered through the broker/dealer of Cetera Advisors.
Former Cetera SVP Tim Bowman becomes Realta Wealth's new CFO
After starting the year with one brand new AND senior operating officerhybrid RIA Realta Wealth (formerly CoastOne) has tapped Prime Trust's Tim Bowman to replace CPA Michael O'Connor as chief financial officer.
Bowman, a certified public accountant with FINRA Series 4, 7, 24, 27 and 63 licenses, reports to CEO Kevin Keefe. He is responsible for all financial operations, including accounting, financial planning and analysis, commissions and financial reporting, according to Realta, and will play a key role in shaping strategy.
“Tim has an excellent track record of helping financial services firms achieve significant growth and doing so with fiscally sound approaches,” Keefe said in a statement.
Bowman was with Prime Trust for less than a year. Prior to that, he spent more than five years with Cetera, where he served as senior vice president of finance. With a career spanning more than 30 years, Bowman has held numerous accounting, financial analysis and chief financial officer roles at firms such as Smith Barney, Credit Suisse, Bank of New York Securities Group and Arxis Capital, among others.
“I am excited to bring my experience to Realta as the firm embarks on its next phase with new leadership, brand and value proposition,” added Bowman. “Realta has the energy and drive of a start-up, with the underlying stability and executive suite of a well-established firm.”
Based in Wilmington, Del., Realta Wealth includes broker/dealer Realta Equities and RIA Realta Investment Advisors.
Reality recently reported overseeing $3.3 billion in client assets. That includes more than $780 million in assets under management in a Form ADV filed in early January, which reported more than 3,600 individuals and 150 institutional clients.
Savant Wealth Adds DeLynn Zell and Spencer Segal to Board
Savant Wealth Management, an Illinois-based RIA that oversees more than $25 billion in assets, has named a pair of industry figures to its board of managers.
DeLynn Zell is co-founder of Bridgeworth Wealth Management, an Alabama RIA acquired by Savant late last year. Zell joined the national advisory board at Charles Schwab in 2023, has served on the Forbes Financial Council and is committed to increasing the support of women in the financial services industry, according to a release from the firm.
Spencer Segal is the CEO of ActiFi, a fintech firm that provides advisory and engagement tools that he founded more than two decades ago. He was also a founder of BigCharts, an online financial information service acquired by CBS MarketWatch in 1999. Earlier in his career, he was a portfolio manager for Barrington Capital Management and spent about three years with American Express Financial Advisors (now Ameriprise ).
Segal is a familiar face at industry conferences, offering his thoughts on topics such as advisor engagement, technology optimization and integration, workflow improvement and organic growth strategies.
Savant Wealth Management provides portfolio management, financial planning, retirement planning and family office services to wealthy individuals and institutions, as well as corporate accounting, tax preparation, payroll and consulting through its subsidiary, Savant Tax & Consulting, and the preparation of estate planning documents and others. legal services through an affiliated law firm, Savant Legal.