Concurrent Investment Advisors, a hybrid RIA with a 1099 affiliation model, has acquired a $1.3 billion wealth management team from Raymond James. Founding partners Bill Keaton and Alfred Sams, along with their team of four, will join Concurrent’s platform with Goldman Sachs as their custodian. Concurrent has taken a minority stake in the new firm, Keaton and Sams Wealth Management, boosting its AUM to over $15 billion. Raymond James CEO Paul Shoukry noted a competitive environment for advisor teams and potential attrition. Concurrent, backed by Merchant Investment Management, has over 70 affiliate firms and recently launched a minority investment program for RIAs.

Read more at Yahoo Finance: Concurrent Snares $1.3B Team From Raymond James