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Raymond James had 3212 advisors last year up by only 19 from 2011

Morgan Stanley Veteran Joins Merchant-Backed Raymond James OSJ

Advisor Anthony David has created his own practice, Adalan Private Wealth, and aligned with Concurrent Advisors, a super OSJ of Raymond James Financial Services.

A 20-year Morgan Stanley veteran has gone independent, launching his own practice, Adalan Private Wealth, with Raymond James Financial Services. Washington, D.C.–based Anthony David, whose team managed about $400 million in client assets at the wirehouse, has aligned with Concurrent Advisors, a super office of supervisory jurisdiction of Raymond James, which was backed by Merchant Investment Management earlier this year.

David’s team provides financial planning and health management services for clients both in Washington, D.C., and the broader region. Adalan was named after David’s three sons, Adam, Alex and Anthony Jr.

“I’m looking for the best for my family, but I’m also looking for the best for my clients,” he said. “Independence was the hardest professional decision in my life, but I am 100% confident it was the right decision.”

Concurrent Advisors, which was founded in 2016, has headquarters in San Diego and Tampa, Fla., and a network of 127 advisors in 57 offices managing approximately $13 billion in total assets.

David said Raymond James’ and Concurrent’s institutional-level support contributed to his decision to make the move, saying that with a young family, it was important to have ways to keep the client transition process manageable.

“Raymond James and Concurrent have helped us create a business structure, employee compensation model, and everything else we needed to hit the ground running as a new firm,” he said.

Earlier this year, Concurrent struck a deal with Merchant to take a minority, noncontrolling interest in the OSJ. Due to the deal, Concurrent created a capital solutions offering for advisors, in which they’d have the option of selling a minority stake in their own practice for cash proceeds and an equity stake in Concurrent. 

In return, those advisors would have consistent access to capital to use for a variety of goals, including M&A or recruiting.

This summer, Concurrent hired Steve Bielke from Waddell & Reed as managing director of business development to bolster its recruiting strength. Concurrent COO and co-founder Mike Hlavek said at the time that Bielke had experience in both the wirehouse and independent channels.

“We’ve had tremendous success in recruiting advisors from every corner of the industry and Steve (Bielke) will be a valuable asset in helping us build on this momentum,” he said.

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