Concurrent Funding Advisors, a Tampa-based hybrid RIA with $9.7 billion in belongings that was formerly an office 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 vice chairman of retirement companies after the corporate acquired Fidelis Fiduciary Administration, an outsourced funding fiduciary agency that he co-founded.
Within the new position, he’ll be answerable for supporting Concurrent’s retirement plan advisors and increasing the agency’s sources within the area. The RIA at the moment has about 325 retirement plan shoppers.
“Our devoted retirement division additional advances Concurrent’s assist of advisors, unifying all our choices in a considerate method for the good thing about the advisors and their shoppers,” Eddy Augsten, managing director of investments at Concurrent, mentioned in a press release. “David’s expansive experience in outsourced investments will probably be key to fulfilling our objective of providing advisors intentional assist to develop their practices and strengthen their shopper relationships.”
The rent is an element of a bigger initiative at Concurrent to construct out its retirement plan division. That may doubtless contain acquisitions within the retirement plan area, and integrating the RIA’s Centralized Wealth Advisory Options. The agency additionally expects to develop its asset administration merchandise to handle the wants of plan members.
Advisors and shoppers can have entry to the TIFIN @Work platform, which was launched earlier this year 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 know-how and companies platform for impartial monetary advisors. Its CEO, Nate Lenz, a former vice chairman of succession planning and acquisitions at Raymond James Monetary Companies, co-founded the agency.
Service provider Funding Administration, a New York-based private partnership that provides growth capital and other support to impartial monetary companies corporations, took a minority, non-controlling curiosity within the agency in 2021.
Final 12 months, Concurrent successfully 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 know-how platform. It has maintained a dealer/seller relationship with PKS Investments.
Montgomery’s departure from OneDigital follows that of fellow executive Jania Stout, who left earlier this 12 months 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 assets of Fiduciary Plan Advisors, which she based in 2014
