Concurrent Adds Schwab as Custodial Option for Advisors

Concurrent has added Schwab Advisor Services as another custodial option for advisors after selecting Fidelity as its primary custodian earlier this year, the Tampa, Florida-based company said Wednesday.

Last year, Concurrent announced its intent to restructure as a multi-custodial, hybrid registered investment advisor to create a more flexible service platform, offer a wider range of investment strategies, and open new pathways of independent growth for its teams of financial advisors.

Concurrent was established as an office of supervisory jurisdiction in 2017 and had been an affiliate of Raymond James, but the firms said last year they split up as Concurrent restructured its business.

“Raymond James has decided to end its relationship with Concurrent Advisors and is in discussions with the branch owners regarding an orderly dissolution of our relationship,” a Raymond James spokesperson told ThinkAdvisor at the time.

Since its relaunch earlier this year, Concurrent has added several new advisor teams and recruits for existing Concurrent offices, collectively representing over $1 billion in assets under management.

Adding Schwab as a custodial partner significantly expands Concurrent’s “value as a turnkey destination for advisors who wish to establish themselves as independent entrepreneurs with access to a more complete arsenal of investment solutions, technology, and support to enhance their client experience,” the company said Wednesday.

“After choosing Fidelity as our primary custodian and successfully onboarding more than $5 billion of assets onto that platform, we have made good on our pledge to offer our advisors a truly multi-custodial framework with the range and caliber of resources they expect to deliver truly independent, fiduciary service,” Joe McQuaid, managing director of platform solutions for Concurrent, said in a statement.