Concurrent Investment Advisors has partnered with newly launched Proxima Wealth Partners, an independent advisory firm founded by former Raymond James executives Chris Davitt and Anupam Singh.
Based in Tampa, Florida, Proxima is being built as a destination for growth-oriented independent financial advisors seeking to increase enterprise value through organic asset growth, advisor recruiting, M&A and equity monetization.
Advisors joining Proxima will have the opportunity to own an equity stake in the firm, creating a joint ownership structure designed to align participating advisory teams around long-term growth.
Davitt will focus on recruiting advisory teams to Proxima and helping partner firms grow through both organic and acquisition-driven strategies.
Singh will concentrate on operational, technology, financial and risk management initiatives.
Together, the executives will effectively serve as outsourced Chief Growth Officer and Chief Operating Officer resources for firms that partner with Proxima.
Concurrent will provide the institutional platform supporting the business, including enterprise technology, investment and asset management infrastructure and risk management capabilities.
Through the Concurrent relationship, Proxima will also gain access to strategic capital that can be used for advisor transitions, acquisitions and equity monetization.
The model is intended to combine the independence and culture of a founder-led advisory business with the resources and capital of a larger national RIA platform.
Davitt previously served as Regional Director for one of Raymond James Private Client Group’s largest regions, overseeing employee branches across Arkansas, Louisiana, Texas, Oklahoma and Colorado.
Before that, he led Raymond James’ Advisor Select independent employee model during a period of growth and development.
Davitt also participated in senior company committees and working groups involving capital markets, strategy, advisor recruiting, compensation and client pricing.
Singh previously served as Vice President of Platform Strategy & Operations in Raymond James’ Asset Management Services division.
In that position, he led modernization initiatives for Raymond James’ fee-based investment platform, including development of a custom unified managed account offering and broader strategic projects spanning the Private Client Group, Asset Management and Technology organizations.
Proxima’s strategy addresses one of the central challenges associated with advisor independence: building and maintaining the infrastructure needed to run an advisory business while also managing clients and pursuing growth.
The firm intends to handle or support functions such as investment and asset management infrastructure, technology, human resources, accounting and compliance so advisors can devote more time to their clients and business development.
Concurrent operates as an integrated independent RIA platform providing capital, consulting, operational support, investment resources, retirement solutions and AI-driven technology to independent financial professionals.
The firm offers flexible partnership structures including platform support and minority investments and is backed by Merchant Investment Management.
KEY QUOTES:
“I have known Nate for a long time, and have tremendous admiration for what he and the Concurrent team have built. We share Concurrent’s commitment to advisor independence and value its use of long-term capital to help advisors grow and monetize their life’s work. I’m excited to help build on the strong momentum already underway at Concurrent.”
Chris Davitt, Co-Founder of Proxima Wealth Partners
“Many advisors who choose independence underestimate the burden of running and operating a small business. These functions include building the critical infrastructure for investment and asset management, tech stack, HR, accounting, and compliance, to name a few. Proxima helps minimize this burden so advisors can spend more time with their clients and drive meaningful value in their businesses.”
Anupam Singh, Co-Founder of Proxima Wealth Partners
“Davitt and Singh have significant senior-level wealth and asset management experience with a proven track record of leading impressive growth. They could have gone anywhere, and they chose to build their own firm on our chassis, which is precisely what this platform was designed to do: give proven leaders the capital, technology and infrastructure to launch enterprises of their own rather than start from scratch.”
Nate Lenz, CEO of Concurrent
“The most compelling firms in this industry are being started by people who have already run one. Chris and Anupam know what advisors need because they spent years delivering it at scale. We are proud to have Proxima building on Concurrent.”
Joe Mooney, Managing Director and Head of Business Development at Concurrent
