Concurrent Funding Advisors, a Tampa-based hybrid RIA with $9.7 billion in property that was previously an workplace of supervisory jurisdiction beneath Raymond James, has employed David Montgomery as managing director of retirement plan companies. Montgomery joins from OneDigital, the place he served as director of retirement funding companies.
Montgomery joined OneDigital in 2020 as vp of retirement companies after the corporate acquired Fidelis Fiduciary Administration, an outsourced funding fiduciary agency that he co-founded.
Within the new function, he’ll be liable for supporting Concurrent’s retirement plan advisors and increasing the agency’s sources within the house. The RIA at present has about 325 retirement plan shoppers.Â
“Our devoted retirement division additional advances Concurrent’s help of advisors, unifying all our choices in a considerate method for the advantage of the advisors and their shoppers,” Eddy Augsten, managing director of investments at Concurrent, stated in a press release. “David’s expansive experience in outsourced investments can be key to fulfilling our aim of providing advisors intentional help to develop their practices and strengthen their consumer relationships.”
The rent is a component of a bigger initiative at Concurrent to construct out its retirement plan division. That may probably contain acquisitions within the retirement plan house, and integrating the RIA’s Centralized Wealth Advisory Options. The agency additionally expects to increase its asset administration merchandise to handle the wants of plan members.
Advisors and shoppers could have entry to the TIFIN @Work platform, which was launched earlier this yr in partnership with Franklin Templeton. The platform is meant to assist worker plan members assess their office profit plan choices and obtain automated funding recommendation on contributions and allocations.
This follows information earlier this month that Concurrent added six new advisors with a mixed AUM of $885 million.
Concurrent was established in 2017 as a expertise and companies platform for unbiased monetary advisors. Its CEO, Nate Lenz, a former vp of succession planning and acquisitions at Raymond James Monetary Companies, co-founded the agency.
Service provider Funding Administration, a New York-based non-public partnership that gives development capital and different help to unbiased monetary companies companies, took a minority, non-controlling curiosity within the agency in 2021.
Final yr, Concurrent efficiently restructured as a multicustodial, hybrid RIA platform after dropping its affiliation with Raymond James. It chosen Constancy as its first custodian, and Practifi, SmartX and BlackDiamond are core parts of its expertise platform. It has maintained a dealer/seller relationship with PKS Investments.
Montgomery’s departure from OneDigital follows that of fellow government Jania Stout, who left earlier this yr for Prime Capital as president of its retirement plan consulting enterprise and monetary wellness firm. Stout got here to OneDigital in 2021, when the agency acquired the property of Fiduciary Plan Advisors, which she based in 2014
