A seven-advisor staff managing greater than $750 million at Raymond James Monetary’s unbiased brokerage unit left to hitch Concurrent Funding Advisors, in keeping with an announcement on Wednesday.
Ashton, Maryland-based Potomac Monetary Group is led by Todd M. Wike, who started his profession with Raymond James in 2006. The staff joined Concurrent on Monday, in keeping with registration data, which additionally reveals that the advisors have dropped their brokerage licenses.
Tampa, Florida-based Concurrent, which is backed by serial RIA investor Service provider Funding Administration, took a minority stake in Potomac as a part of the transfer, in keeping with the announcement.
The Potomac staff is the most recent to observe the trail from Raymond James to Concurrent, which had been affiliated with the St. Petersburg, Florida agency till it severed ties in 2022.
Concurrent in Might added a Raymond James staff managing $1.2 billion, and one other managing $1.three billion joined in October.
Wednesday’s announcement touted that Potomac would now have “entry to an expanded know-how ecosystem, institutional-grade operational help, and follow administration assets,” however didn’t present specifics. They may use Constancy Investments as their custodian.
Potomac traces its roots to 1983 when Lawrence A. Grabenstein, who died in 2017, based the follow. Wike joined in 2012.
The group additionally contains advisors Bradley W. Schell, Deborah M. Kelly, Brian J. Kawiec, Gregory E. Wilkinson, Kevin V. Pinto and Lanta L. Evans-Motte, in addition to three help employees.
With greater than 60 groups, Concurrent had round $21 billion in consumer belongings on the finish of June. Chief Govt Nate Lenz has stated he expects to achieve $30 billion throughout the subsequent two years.