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.