Concurrent eyes $3B to $10B RIA platforms after Spire purchase

The sale of $5.4 billion hybrid RIA Spire Investment Partners marks the primary platform enterprise acquisition for Concurrent, however CEO Nate Lenz expects extra additions as much as twice the dimensions of Spire’s belongings. 

“We assume that there is a good addressable marketplace for companies on this, name it $3 [billion] to $10 billion vary the place they’ve constructed some scale, they have a tradition of their very own. They’ve been in a position to show repeatable progress, however would nonetheless profit from aligning with a associate and platform like [Concurrent],” Lenz informed InvestmentInformation. “[Spire] is simply the primary of what we hope to be quite a few offers like this.” 

McLean, Virginia-headquartered Spire was based in 1997 and supplies roads to assist greater than 30 advisor groups throughout 14 states. Spire’s addition expands Concurrent’s footprint to 33 states with $28.6 billion in belongings below administration, along with $18 billion in company retirement plan belongings below advisement. 

Less RIA offers, extra belongings

Tampa, Florida-based Concurrent purchased the 401(okay) plan-focused Next Retirement Solutions final yr, which carried about $10 billion in retirement belongings. That stays Concurrent’s largest deal by belongings, however Spire has the largest income affect. 

“The Next Retirement acquisition there was about $10 billion in retirement belongings, however that is company retirement plan 3(21) and three(38) consulting work. The income on these belongings is far decrease. So from a income profitability standpoint, [Spire] is totally the most important one we have carried out so far,” stated Lenz. 

Concurrent’s eye in the direction of shopping for bigger platform RIAs suits the business’s broader M&A development. While the number of RIA acquisitions is shrinking, offers are getting greater as complete shopper belongings concerned in M&A transactions jumped 88% to $343 billion, in accordance with Fidelity’s midyear report. 

“I feel it is a new alternative for us. If we are able to discover different platforms, we wish to be selective in doing so, but when we are able to discover different ones that match our mould, we predict that is an awesome progress technique for us,” stated Lenz. “Ideally, if we are able to do one other one or two of those a yr that may assist us obtain our targets and targets, taking some good step modifications from a progress perspective.” 

The current acquisition technique for Concurrent has largely been centered on adding breakaway advisors, with Lenz saying his agency has recruited greater than $6 billion in belongings from particular person advisor groups to date this yr. Concurrent has been backed by private equity agency Merchant Investment Management, since July 2021 

Fidelity on the core

Spire was based by David Blisk, whose group will switch 17 home-office employees into Concurrent as McLean turn out to be’s Concurrent’s fourth dwelling workplace presence becoming a member of Tampa, Dallas, and San Diego. Both Spire and Concurrent are hybrid RIAs constructed on a 1099 independent-contractor mannequin, and each run multi-custodial platforms anchored by Fidelity.  

Spire held nearly all of its regulatory belongings at Fidelity’s National Financial Services as of its June 2026 Form ADV, additionally utilizing Schwab and a small share at Pershing. Concurrent, which additionally custodies with Schwab and Goldman Sachs Custody Solutions, has “upwards of $20 billion” in belongings held with Fidelity and is including Pershing to match Spire’s custodial lineup, in accordance with Lenz. 

“I feel what actually made Spire the best match was the truth that their philosophical mannequin strains up,” stated Lenz. “It’s nearly like trying in a mirror by way of the truth that they’ve a 1099 platform mannequin, the best way that they consider like advisor branding, assist. Being in a position to actually give the advisors a excessive stage of independence and autonomy may be very a lot consistent with our perception system and the way we function.”