Concurrent Investment Advisors has closed its acquisition of Spire Investment Partners, a $5.4 billion hybrid RIA based in McLean, Virginia. The deal, announced this week, is the first platform acquisition for the Tampa, Florida-based firm, but CEO Nate Lenz indicated it will not be the last. In an interview, Lenz said Concurrent is actively targeting RIAs with $3 billion to $10 billion in assets that have achieved scale and demonstrated repeatable growth but could benefit from a larger partner's infrastructure.
“We think there's a good addressable market for firms in this range,” Lenz said. “Spire is just the first of what we hope to be a number of deals like this.” The acquisition expands Concurrent's footprint to 33 states, with total assets under management reaching $28.6 billion, plus an additional $18 billion in corporate retirement plan assets under advisement.
Spire, founded in 1997 by David Blisk, supports more than 30 advisor teams across 14 states. Its home-office staff of 17 will transfer to Concurrent, making McLean the firm's fourth home office alongside Tampa, Dallas, and San Diego. Both firms operate as hybrid RIAs on a 1099 independent-contractor model, with multi-custodial platforms anchored by Fidelity. Spire holds most of its regulatory assets at Fidelity's National Financial Services, with smaller allocations at Schwab and Pershing. Concurrent, which also uses Schwab and Goldman Sachs Custody Solutions, has “upwards of $20 billion” at Fidelity and is adding Pershing to match Spire's lineup.
The Spire deal is Concurrent's largest by revenue, surpassing last year's acquisition of Next Retirement Solutions, which brought about $10 billion in retirement assets. However, Lenz noted that Next Retirement's revenue was lower because it involved 3(21) and 3(38) consulting work rather than traditional asset management. “From a revenue profitability standpoint, Spire is absolutely the largest one we've done to date,” he said.
Concurrent's move reflects a broader trend in RIA M&A. While the number of deals has declined, the total client assets involved jumped 88% to $343 billion in the first half of the year, according to Fidelity's midyear report. Lenz said Concurrent aims to complete one or two platform acquisitions annually, complementing its existing strategy of recruiting breakaway advisors. So far this year, the firm has brought in more than $6 billion in assets from individual advisor teams.
Concurrent has been backed by private equity firm Merchant Investment Management since July 2021. The firm's growth strategy has focused on adding advisors and now platforms, with Lenz emphasizing the importance of cultural fit. “It's almost like looking in a mirror,” he said of Spire, citing the 1099 model, advisor branding, and autonomy as key alignments.
The acquisition also strengthens Concurrent's position in the retirement space, building on its recent recruitment of a $425 million Houston team from Raymond James. Lenz said the firm will continue to be selective, but the platform model offers a “great growth strategy” for achieving its objectives.
Industry observers note that platform acquisitions like this one are becoming more common as firms seek scale and efficiency. With $28.6 billion in AUM, Concurrent now ranks among the larger hybrid RIAs, and its multi-custodial approach—anchored by Fidelity—positions it well for further consolidation. Lenz said the firm is open to deals that fit its mold, and the pipeline remains active.
