sorry, still stuck on "stress concentration" ...
your picture helps, you've got an eccentric column load on the shaft (i had pictured the shaft as being horizontal).
clearly the load is putting some bending into the shaft, no doubt the flange mount takes this into account.
how is the shaft supported (laterally) ? a lateral couple could react the off-set moment.
but let's assume that the shaft is fixed at it's base. the then moment is introduced at the top, yes ? and reacted at the base, simple enough. so the shaft is reacting the column load and moment, again simple enough; don't see where "stress concentration" comes into it ... there may well be some local plasticity, and maybe you want Zero plasticity at ultimate load ... very conservative design; maybe it's a fatigue problem, but then that hasn't been mentioned.
IMHO, i think you have a situation where the flange mount is applying shear loads into the shaft, and these shear loads apply the column load and off-set moment onto the shaft.