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This Raymond James Affiliate Added 10 Advisor Teams in 2021

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What You Need to Know

  • Concurrent is a partnership of independent advisors that is affiliated with Raymond James.
  • The additions help expand Concurrent’s U.S. footprint and include its first team in Kansas: Sauer Wealth Management.
  • The new Concurrent advisors were already registered with Raymond James itself or come from Wells Fargo or Morgan Stanley.

The Raymond James-affiliated Concurrent network of independent advisors has added 10 new advisor partner teams in 2021, boosting its assets under management to more than $1 billion, the company said on Thursday.

The additions help expand Concurrent’s U.S. footprint and include its first team in Kansas: Sauer Wealth Management (SWM), led by Randy Sauer, with $191.8 million in AUM.

Sauer, who is registered as a broker and investment advisor, joins the Concurrent network from Wells Fargo Advisors, where he had been registered since 1990, first as a broker and later as both a broker and RIA. SWM is based in Pittsburg, Kansas. Sauer is supported by Kallee Tucker.

Meanwhile, George Hoos, formerly with Morgan Stanley, is a solo advisor in Sarasota, Florida, with $90 million in AUM, who joined Concurrent in the past month. He joined Morgan Stanley in 2000, left it in 2005 to join Wells Fargo, and rejoined Morgan Stanley in 2013.

Also joining in the past month were Michael Cox and Nic Manns, who had been with Wells Fargo Advisors (Cox since 2012 after leaving Morgan Stanley and Manns since 2018), with AUM of $100 million. They will operate as the Cox Private Wealth Management Group in New Port Ritchey, Florida.

Concurrent, based in San Diego, was founded in 2016 and had 125 advisors in 55 offices with more than $11.5 billion in AUM and about $12 billion in assets under advisement as of May 15, the company said.

Raymond James Financial now has about 8,300 financial advisors in the U.S., Canada and overseas, with total client assets of $1.09 trillion, it said.

The other advisors to join the Concurrent network since January were:

Zach Yaklin, with AUM of $213 million, formerly with Wells Fargo Bank and based in San Diego and Traverse City, Michigan.

Michael Grover, managing partner of Grover Financial Group, with AUM of $311 million and a Raymond James Financial Services advisor (since 2012), based in Modesto, California. Before Raymond James, Grover had been registered with Edward Jones since 1991. His six-person team also includes financial advisors Robert Powell, Justin Grover and Eric Taylor, with support from Jan Constable and Linda Carranza.

Thad Ortez, also a Raymond James advisor in the Modesto area, with AUM of $65 million.

Vikki Ciotti, with AUM of $65.6 million, formerly with Wells Fargo Advisors (since 2008), based in Sarasota, Florida, and supported by Rona Powers.

Clint Tighe and Rob Broome, with AUM of $90 million, both formerly with Wells Fargo Advisors (since 2009), who have joined Winter Park Wealth Group, based in Winter Park, Florida.

Jason Fernandez, with AUM of $56.5 million and formerly with Wells Fargo Advisors (since 2009), who joined Wealth Partners Alliance in Dallas.

Warren Bowman in St. Petersburg, Florida, previously with Wells Fargo Advisors (since 2003), with $80 million in AUM.

Wells Fargo and Morgan Stanley declined to comment on Friday about losing the advisors to Concurrent/Raymond James.

“Even in the face of a global pandemic and disruption to the American economy, we had a dynamic year for growth in 2020 and this year is even stronger,” according to Kevin McFarland, founding partner of Concurrent. “As advisors have adapted to new ways of doing business, our network has become a destination of choice for top performing entrepreneurial-minded advisors.”

Concurrent’s partners “look forward to working with all of our new partners to grow their businesses and our network, and helping them give their clients the best service possible,” added Mike Hlavek, also a Concurrent founding partner.