TAMPA, Fla.--(BUSINESS WIRE)--Moving swiftly on the transition path to a multi-custodial, hybrid RIA, Concurrent Advisors has selected Fidelity Institutional® as its first new custodian. This grants Concurrent a solid foundation upon which to reimagine its platform for independent advisors.
Concurrent was first established to create long-term growth for advisors with boutique operational services and strategic resources. Working with Fidelity Institutional® gives Concurrent access to a wide range of products and services that will help it serve the needs of clients and will position Concurrent advisors for success as the firm embraces the hybrid RIA channel in early 2023.
“Concurrent distinguishes itself as a growing community of advisors, each with a very different value proposition, and all genuinely invested in their mutual achievement,” said Rohit Mahna, head of Client Growth at Fidelity Institutional®. “We’re excited to support Concurrent with world-class clearing and custody services as they enter the next major stage of their growth story.”
In addition to its new custodian, Concurrent is already capitalizing on one of the biggest advantages in the RIA space: the freedom to choose innovative advisor technology and create a truly modern client experience. The firm selected SS&C’s Black Diamond® Wealth Platform and SMArtX to power Concurrent’s portfolio management, client reporting and trading solutions. Envestnet MoneyGuide will form the core of Concurrent’s financial planning capabilities. Practifi and FMG will collectively supply Concurrent advisors with a CRM and integrated marketing platform to augment the advisor-client relationship at every step.
Concurrent remains rooted in fostering an entrepreneurial spirit amongst its advisors and plans to add additional talent and industry partners to support its growing advisor team.
“We believe our advisors and the work they do for their clients should always come first. Fidelity gives us the scale of institutional-grade custodial support, and the space to define success on our terms,” said Concurrent Co-founder Nate Lenz. “The relationships we have announced today will allow us to hit the ground running in 2023 and beyond.”
About Concurrent
Concurrent is a strategic partner that empowers financial advisors as entrepreneurs to maximize the benefits of business ownership. Concurrent works with advisors to streamline the launch of their business, offloads middle office functions, and works collaboratively with them to achieve their goals.
Headquartered in Tampa, Concurrent was founded in 2016 and currently serves 145 advisors in 66 offices with $12.7 billion in assets under management (AUM) and more than $12 billion under advisement (as of 7/6/2022). Drawing upon their individual and unified strengths, our financial advisors leverage their collective scale to provide an attractive value proposition to both clients and other independent-minded advisors in a highly competitive and constantly evolving wealth management landscape.
About Fidelity Investments®
Fidelity Investments® is one of the world’s largest providers of financial services. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, employee benefit programs, and many other financial products and services. For more information about Fidelity Investments, visit Fidelity.com.
Fidelity Institutional® provides a comprehensive clearing and custody platform, brokerage services, trading capabilities, and practice management and consulting to registered investment advisers (RIAs), including strategic acquirers and professional asset managers, as well as retirement recordkeepers, broker-dealer firms, banks, and insurance companies through National Financial Services LLC (NFS) or Fidelity Brokerage Services LLC, Members NYSE, SIPC. In addition to providing services to third-party institutions, the NFS brokerage platform supports all the clearing and custody businesses at Fidelity, including Fidelity’s retail and capital markets businesses, bringing NFS assets under administration to more than $4.5 trillion.
Fidelity Investments is an independent company, unaffiliated with Concurrent. Fidelity Investments is a service provider to Concurrent. There is no form of legal partnership, agency affiliation, or similar relationship between your financial advisor and Fidelity Investments, nor is such a relationship created or implied by the information herein. Fidelity Investments has not been involved with the preparation of the content supplied by Concurrent and does not guarantee, or assume any responsibility for, its content. Fidelity Investments is a registered trademark of FMR LLC. Fidelity Institutional® provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC.
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