Concurrent adds Foreman, Benchmark and four advisors with $1B

Concurrent Investment Advisors added Benchmark Financial Advisors, Foreman Financial and four additional advisors managing more than $1 billion combined, the Tampa, Fla., platform said.

The advisors came from Raymond James, LPL Financial, Wells Fargo and independent RIAs including Private Client Services, joining the network between September and October, according to the release that Financial Advisor Magazine reported on Nov. 6. Concurrent said the additions lifted its total assets under management above $29 billion.

For a practice weighing Concurrent, the batch shows two routes: join as a named practice, as Foreman, Benchmark and Bennett did, or fold into a Concurrent firm already on the platform, as Morgan and Stein did. The first route ends a broker-dealer affiliation with Raymond James Financial Services, Ascentis Independent Advisors and LPL Financial respectively; the second ends affiliations with Private Client Services and Nations Financial Group.

Deal Tracker lists two Concurrent transactions in the past 12 months, both as buyer, the latest announced Oct. 1 and involving $5.4 billion in assets.

Foreman Financial, previously affiliated with Raymond James Financial Services, was founded by Kevin Foreman and manages nearly $400 million, primarily for business owners, corporate executives and retirees around Midland, Texas, Concurrent said.

Tim P. Miller and Stephanie Hunter of Benchmark Financial Advisors in Sewickley, Pa., left Ascentis Independent Advisors in Dallas, where they managed more than $300 million. The pair provides financial planning, tax-efficient strategies and portfolio management, including coordination with clients' estate-planning attorneys, the release says. Miller is a 37-year industry veteran, according to BrokerCheck.

The four additional advisors represent more than $300 million in combined AUM. Staci Bennett, founder of Bennett Financial Partners in St. Simons Island, Ga., joined from LPL Financial. Adam Morgan, a 13-year veteran, joined Barnett Financial Group in Charlottesville, Va., from Private Client Services, a broker-dealer and RIA platform based in Louisville, Ky. Brian Stein joined the Hamilton Group in Greenwood, Colo., after working at Nations Financial Group in Cedar Rapids, Iowa.

Moves Wire logged 18 Raymond James moves in the past 12 months, the latest on Oct. 28, when the four-person Krawec Wealth Management team left Wells Fargo with $460 million in client assets for Raymond James & Associates. Raymond James also added a $700 million UBS advisor team in Ohio, as Private Wealth Daily previously reported.

Concurrent describes itself as a registered investment advisor operating as a platform, a structure in which partner firms keep their own names and client relationships while drawing on shared operations. That model is what Foreman's nearly $400 million practice and Benchmark's more than $300 million book bought into; what Concurrent paid or agreed to share for either was not disclosed.