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After restructuring from an office of supervisory jurisdiction on the Raymond James platform to a multi-custodian, hybrid RIA model, Concurrent Investment Advisors has officially relaunched with five new advisor teams managing more than $440 million in collective assets. The firm expects to bring another $16.5 billion in assets over before the end of the year.
In other RIA news this week, Commonwealth added $1.2 billion AUM Aegis Consulting from Lincoln Financial; OneSeven completed its acquisition of TruClarity Wealth Partners; Merit Financial Advisors picked up an Atlanta firm with around $460 million in assets; and Thrivent Advisor Network added its 25th affiliate.
Meanwhile, The Mather Group established its first Ohio location with its Clear Perspectives acquisition; Apollon Wealth Management created Catalyst Apollon in a deal with Catalyst Wealth; and Ryan Parker is taking over the role of CEO at EP Wealth Partners from Patrick Goshtigian.
In earlier reported news, former Focus Financial co-head of M&A Vamsi Yadlapati is investing in and taking a seat on the board of Savvy Wealth; Mike Durbin talks about his move to Cetera Holdings from Fidelity Investments; a pair of Michigan-based firms have joined Integrated Partners to expand UHNW services; and Dynasty Financial Partners is saying goodbye to a founder.
Concurrent Launches New Hybrid Platform With More Than $440 Million in New Assets
Tampa, Fla.–based Concurrent Investment Advisors, formerly an office of supervisory jurisdiction established in 2017, successfully restructured as a multicustodial, hybrid RIA platform after dropping its affiliation with Raymond James last fall, the firm announced.
At the same time as the official relaunch, Concurrent added five new advisor teams with more than $440 million in collective client assets—Allegiant Wealth Partners in Virginia Beach, Va.; Danielson Tate Capital Partners in Mandeville, La.; Spectrum Wealth Partners in West Berlin, N.J.; Price Financial Management in Berlin Township, N.J.; and Alex Reid, who joined Concurrent partner firm Columbia Associates.
More than two dozen other groups are expected to transition to the new platform in Q2 and Q3 as Concurrent works to bring over existing offices. By year-end, the firm expects to oversee more than $17 billion in assets.
“There is a very orderly, mutually agreed-upon transition of the offices that have chosen to leave the Raymond James OSJ structure and move to the multicustodial RIA structure,” said Rick D’Amico, a partner at Merchant Investment Management, which has held a minority equity stake in Concurrent since the summer of 2021.
Fidelity was selected as Concurrent’s first custodian, and Practifi, SmartX and BlackDiamond are core components of the firm’s technology platform.
“Throughout our history, we have been driven to provide advisors with the tools, resources and support they need to grow their businesses, and embrace an independent and fiduciary-based model,” Concurrent co-founder Nate Lenz said in a statement. “To have five new joins, even through an intense transition period, speaks to the success and culture our advisors have demonstrated to the marketplace over the years.”
“What we’ve seen is an incredibly talented group of operators that have been able to attract really great entrepreneurial advisors,” said D’Amico.
Merchant invested in Concurrent to support expanded growth initiatives when the firm was managing a little more than $12 billion in assets. D’Amico called the firm’s growth “another testament to how far the industry has continued to evolve in terms of building these world-class independent, multi-billion-dollar RIA infrastructures.”
$1.2B Aegis Consulting Joins Commonwealth From Lincoln Financial
Commonwealth Financial Network, a hybrid RIA partnership platform with headquarters on both coasts, announced the addition of Aegis Consulting, in Jacksonville, Fla., to its growing number of independent advisory firms.
With Lincoln Financial for 39 and 25 years, respectively, principals Michael Cirino and Alexander Harrison bring some $1.2 billion in client assets, 11 advisors and additional support staff to Commonwealth.
On average, Aegis advisors have been working with clients for more than 24 years.
“Healthy organizations grow both organically and by attracting new people, especially young talent,” said Harrison. “We’re looking forward to even greater success as we implement our new business plan with the help of Commonwealth.”
With headquarters in Waltham, Mass., and San Diego, the Commonwealth network comprises more than 2,100 advisors overseeing around $243 billion in client assets.
OneSeven Buys TruClarity Wealth Advisors
OneSeven, a Merchant Investment Management–backed RIA based in Beachwood, Ohio, completed its acquisition of TruClarity Wealth Advisors in a deal originally announced in February.
OneSeven launched in 2016 with support from TruClarity Management Solutions, the RIA’s sister advisor transition and practice management platform—which was acquired by Dynasty Financial Partners.
TruClarity Wealth will retain its branding and office space in St. Petersburg, Fla. The team manages more than $690 million in assets—bringing OneSeven to more than $3 billion in total AUM. Financial terms were not disclosed.
Since announcing its partnership with Merchant in August 2022, OneSeven has grown to more than 80 employees, including 34 independent advisors, across 11 states. The firm plans to reach $50 million in revenue by the end of this year.
Merit Expands Pennsylvania Presence With Planned Futures
Merit Financial Advisors, an Atlanta-based hybrid RIA, acquired Planned Futures in a deal that closed on May 19.
“We anticipate the transition to the Merit platform will be completely seamless,” the firm announced on its new website. “You will still have access to all the same people and information you have now, but with more support on the back end.”
Based in Williamsport, Pa., the addition expands Merit’s presence in the region and increases assets by some $460 million. Firm leaders James Arnold and John Keene Jr. will take on new roles as regional directors and partners at Merit.
The firm specializes in investment management and retirement planning for state employees and mass affluent investors.
“Expanding Merit’s presence in Pennsylvania has been a focus for some time, and we are very pleased to have James and John lead the charge,” Merit CEO Rick Kent said in a statement.
The deal represents Merit’s 19th acquisition since taking a minority investment in December 2020 from Wealth Partners Capital Group and a group of strategic investors led by HGGC’s Aspire Holdings platform.
Today, Merit has 40 offices and more than 100 advisors overseeing around $8 billion in assets, including $5.8 billion in managed assets, $2.3 billion in brokerage assets at LPL and $63 million in assets under advisement, according to Tuesday’s announcement.
The Mather Group Establishes 1st Ohio Office in Deal With $360M Fee-Only Firm
The Mather Group announced it had acquired Clear Perspectives Financial Planning in a deal that closed on May 19.
Clear Perspectives was co-founded by Carol Hoffman and Tim Grout, who had spent 20 and 30 years, respectively, in finance at Procter & Gamble. After listening to friends and family bemoan the lack of affordable and dependable financial advice, the pair decided to establish their fee-only practice in 2008. The Cincinnati-based firm was managing around $360 million in assets at the time of its acquisition.
“Building our business has truly been a labor of love, especially because so many of our early clients were people that were already near and dear to us,” Hoffman said in a statement, noting the deal will allow both advisors to spend more time with all of their clients.
“A larger firm simply has more resources to dedicate to staying ahead of the curve and investing in technologies that can promote efficiency,” added Grout. “We’ve been impressed with TMG’s focus on streamlining workflows and automating certain processes, which can really enhance team collaboration, reduce errors and, ultimately, improve the client experience.”
“We have a long-term relationship with that team there,” said TMG Chairman Daniel Bryant. “It’s a market we really are excited to grow, given we are headquartered in Chicago. They have a great focus on their clients and will continue our culture of putting our clients front and center with our strategy.
“We look forward to building a larger presence around Cincinnati and across the state with them,” he said.
The team’s office in Cincinnati represents TMG’s first physical location in Ohio. The firm has 15 offices nationwide and more than $11.7 billion in client assets.
Apollon Wealth Management Creates Catalyst Apollon With Atlanta Add
Apollon Wealth Management, an SEC-registered and investment-led wealth management firm and partnership platform based in South Carolina, announced that Catalyst Wealth Management will be joining the firm under the name Catalyst Apollon.
Based in Atlanta, the Catalyst team is led by managing partners Christopher Pullaro, David Pierce, Dave Mirolli and Brian Pierce. They’re joined by advisors Matt Cayce and Cal Halliburton.
The team serves a little more than 300 clients, primarily in the southeastern U.S., with some $193 million in assets.
Founded in 2018 with seven advisors, Apollon now comprises around a dozen partner firms and employs some 70 advisors managing about $3 billion in client assets.
Thrivent Advisor Network Adds 25th Affiliate
Thrivent Advisor Network, a Minneapolis-based hybrid RIA platform launched in September 2019, added its 25th affiliate with Perspective Financial Services in Phoenix.
Founded in 2003 by Mike McCann, the eight-person Perspective team manages $230 million in client assets.
“We conducted a deliberate and extensive search for a strategic alliance that could support our growing operations and technology needs,” McCann said in a statement. “We’re excited about our continued growth, with Thrivent’s broad operational support and the strength, flexibility and autonomy Thrivent offers.”
The Thrivent Advisor Network platform offers technology, advisory, compliance and risk, and marketing and brand management support, as well as capital services and professional community engagement opportunities.
TAN comprises more than 130 advisors in 17 states managing more than $5 billion in client assets.
Ryan Parker Steps Into CEO Role at EP Wealth Advisors
EP Wealth Advisors President Ryan Parker will move into the role of chief executive officer at the firm on July 1, according to an announcement.
At the same time Patrick Goshtigian, who has served as CEO since 2011, will become the firm’s executive chairman.
Goshtigian will focus on attracting top talent to the firm, while Parker will head up its network of advisors and oversee the development of EP’s marketing initiatives, investment platform, portfolio strategy, and wealth advisory and management services.
“I’m incredibly proud of the team we’ve built and the commitment we have to enriching lives,” Goshtigian said in a statement. “In my new role—working on a full-time basis as executive chair—I’ll be in a position to focus on specific strategic initiatives and M&A, while providing a sounding board for Ryan.”
Los Angeles area–based EP Wealth was founded in 2004 and is backed by PE firm Berkshire Partners. After taking a minority investment from Wealth Partners Capital Group in 2017, the firm embarked on a national inorganic strategy.
Today, EP Wealth employs more than 350 professionals, including around 175 financial advisors managing more than $18 billion in assets—up from around $15 billion in late 2022. Over the same time, the firm grew its presence from 18 offices in nine states to 30 offices in 11 states.
“We continue to add incredibly talented team members to support our national advisor base and leading that group as we grow and evolve will be my focus as CEO,” said Parker. Ensuring we are consistently ahead of the curve in our offering, service and commitment to clients is how EP grew to become one of the leaders in the RIA space. My intention is to continue on that path.”
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