Potomac Financial Group Moves $750M AUM from Raymond James to Concurrent

Key Facts

In a move reflecting the intensifying competition for talent within the wealth management sector, the Potomac Financial Group has transitioned from Raymond James Financial’s independent unit to Concurrent Investment Advisors. The seven-advisor team, led by Todd M. Wike, manages approximately $750 million in client assets and has selected Fidelity Investments to serve as their custodian. The transition was primarily driven by the team's search for expanded technology and operational support offered by the Concurrent platform.

This departure represents a minor headwind for Raymond James (RJF) as independent registered investment advisors (RIAs) continue to aggressively recruit high-AUM teams. Concurrent, which is backed by Merchant Investment Management, is part of a broader trend where advisors migrate toward firms offering specialized infrastructure. Similar migrations have been noted across peers like Stifel and LPL Financial, per market data and industry reports, as wealth managers prioritize flexibility and proprietary tech stacks over traditional wirehouse environments.

Regarding market performance, RJF shares stood at $165.35 at close July 08, 2026, having fluctuated between a day low of $163.92 and a high of $167.86. Investors are closely monitoring asset migration trends ahead of key macroeconomic catalysts, including the upcoming ISM Services PMI data in the US, which serves as a critical indicator for the health of the financial services sector and broader consumer sentiment.