Concurrent, a super office of supervisory jurisdiction of Raymond James Financial Services, is adding Steve Bielke to bolster its recruiting, according to an announcement. He is leaving his directorship at Waddell and Reed, where he led recruiting and advisor acquisition, to join Concurrent as managing director of business development.
Bielke’s recruiting expertise is in high demand at Concurrent, said Mike Hlavek, founding partner at the firm.
“He’s not only experienced in the wirehouse space but also has a rock solid understanding of the challenges and benefits afforded to independent advisors,” Hlavek said in a statement. “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 that momentum.”
Last month, Merchant Investment Management, a growth-focused private partnership, took a minority, noncontrolling interest in Concurrent. The OSJ supports 55 advisory teams and a total of $12.2 billion in client assets. As of late July, 25 of the 55 teams had signed on to the capital program created as a result of Merchant's involvement.
Merchant said it wasn’t just providing capital; it was also partnering with underlying businesses to help with the underwriting, sourcing and structuring of transactions.
Merchant’s interest and the structure of its investment is just one of the many changes the industry is experiencing lately, said Bielke.
“It’s time the recruiting process catches up,” he said in a statement. “We’re here to help advisors find the right fit for their business so they can better serve the client. Our approach to advisors is consultative and treats advisors like they treat their clients.”