Concurrent Investment Advisors, a Tampa-based hybrid RIA with $9.7 billion in assets that was formerly an office of supervisory jurisdiction under Raymond James, has hired David Montgomery as managing director of retirement plan services. Montgomery joins from OneDigital, where he served as director of retirement investment services.
Montgomery joined OneDigital in 2020 as vice president of retirement services after the company acquired Fidelis Fiduciary Management, an outsourced investment fiduciary firm that he co-founded.
In the new role, he’ll be responsible for supporting Concurrent’s retirement plan advisors and expanding the firm’s resources in the space. The RIA currently has about 325 retirement plan clients.
“Our dedicated retirement division further advances Concurrent’s support of advisors, unifying all our offerings in a thoughtful manner for the benefit of the advisors and their clients,” Eddy Augsten, managing director of investments at Concurrent, said in a statement. “David’s expansive expertise in outsourced investments will be key to fulfilling our goal of offering advisors intentional support to grow their practices and strengthen their client relationships.”
The hire is part of a larger initiative at Concurrent to build out its retirement plan division. That will likely involve acquisitions in the retirement plan space, and integrating the RIA’s Centralized Wealth Advisory Solutions. The firm also expects to expand its asset management products to address the needs of plan participants.
Advisors and clients will have access to the TIFIN @Work platform, which was launched earlier this year in partnership with Franklin Templeton. The platform is intended to help employee plan participants assess their workplace benefit plan options and receive automated investment advice on contributions and allocations.
This follows news earlier this month that Concurrent added six new advisors with a combined AUM of $885 million.
Concurrent was established in 2017 as a technology and services platform for independent financial advisors. Its CEO, Nate Lenz, a former vice president of succession planning and acquisitions at Raymond James Financial Services, co-founded the firm.
Merchant Investment Management, a New York-based private partnership that provides growth capital and other support to independent financial services firms, took a minority, non-controlling interest in the firm in 2021.
Last year, Concurrent successfully restructured as a multicustodial, hybrid RIA platform after dropping its affiliation with Raymond James. It selected Fidelity as its first custodian, and Practifi, SmartX and BlackDiamond are core components of its technology platform. It has maintained a broker/dealer relationship with PKS Investments.
Montgomery’s departure from OneDigital follows that of fellow executive Jania Stout, who left earlier this year for Prime Capital as president of its retirement plan consulting business and financial wellness company. Stout came to OneDigital in 2021, when the firm acquired the assets of Fiduciary Plan Advisors, which she founded in 2014
