NewEdge Advisors, NewEdge Wealth Divisions Report Growth for Third Consecutive Year
PITTSBURGH, Dec. 12, 2023 — NewEdge Capital Group, LLC, a leading and rapidly growing wealth management firm supporting successful financial advisors nationwide, announced today that the firm has surpassed last year’s record growth in client assets and advisor teams.
The firm, which includes NewEdge Wealth and NewEdge Advisors, recruited $9.6 billion in expected Assets Under Management (AUM) representing its best recruiting year since inception. The 2023 activity compares to $9.1 billion in AUM recruited in 2022. To put the firm’s growth trajectory into perspective, NewEdge Advisors’ recruiting successes just in the month of October 2023 surpassed the firm’s total transactions in 2021, its first year as part of NewEdge Capital Group. This recruiting success, combined with the organic growth of existing assets has allowed NewEdge Capital Group to grow by more than 37.5% for the year, having reached over $44 billion in client assets serviced as of the end of November 2023.
“We are grateful for the hard work and dedication our team has demonstrated in developing innovative solutions and strong value propositions that provide advisors the resources, flexibility, and fiduciary freedom to succeed,” said Rob Sechan, a Managing Partner at NewEdge Capital Group and CEO and Co-Founder of NewEdge Wealth. “NewEdge continues to resonate with top advisors across the country who are looking for a growth partner.”
NewEdge Capital Group launched in October 2021, and its NewEdge Advisors and NewEdge Wealth divisions provide supported independence and flexible employee models. NewEdge Capital Group ranked No. 14 on the 2023 Forbes/Shook Research America’s Top RIA Firms list and No. 13 on Barron’s Top 100 RIA Firms list. It was No. 15 and No. 29 on the 2022 lists, its first year of eligibility.
Alex Goss, a Managing Partner at NewEdge Capital Group and Co-CEO and Co-Founder of NewEdge Advisors, added, “The wealth management industry continues to experience disruption from consolidation, technology, and succession, and wealth managers seek a partner that can help them navigate these challenges while providing a growth platform. We offer that support so they can focus on what’s important to them – the client relationship.”
NewEdge Advisors 2023 Growth
The firm’s flexible affiliation models, customized technology offerings, and asset management expertise attracted over 70 advisors from 30 new teams in 2023. The firm saw significant growth of its newly launched W2 channel with the addition of three new teams in Florida, Illinois, and North Carolina. Of note, NewEdge Advisors witnessed a historic month in October 2023, bringing on $2.4 billion in expected AUM which exceeds the total assets recruited by the firm in 2021. This year marks NewEdge Advisors’ strongest recruiting year to date with the addition of over $6 billion in expected AUM.
NewEdge Wealth Continues to Expand Footprint
The firm opened four new offices in 2023, including two offices in San Francisco while also adding offices in the Nashville, Tennessee area, and Bentonville, Arkansas. In addition, it added 14 ultra-high net worth (UHNW) advisors among its six other locations, including its Stamford, Connecticut, headquarters.
The firm also launched its ultra-high net worth investment platform, NewEdge Investment Solutions, which allows financial professionals and institutions at other firms to access several of its portfolio and structured product strategies. 2023 also marked the launch of the UHNW Bridge Program, which is designed to offer representatives affiliated with NewEdge Advisors access to the UHNW services at NewEdge Wealth. These two programs have driven meaningful growth in 2023 and are expected to expand in 2024.
About NewEdge Capital Group
NewEdge Capital Group and its subsidiaries collectively trace their roots back over 30 years and provide best-in-class technology-enabled solutions and support services to financial advisors and their clients. Today, NewEdge Capital Group, a Barron’s Top 100 RIA Firm and Forbes’ America’s Top RIA Firm*, has over $44 billion in client assets** and supports over 300 financial advisors servicing several thousand households, family offices and institutions comprising more than 75,000 client accounts. The company is a division of EdgeCo Holdings, LP, which collectively services over $170 billion in assets through NewEdge and its other custody and retirement businesses.
*Barron’s rankings awarded in September 2023 based on June 30, 2023, data. Forbes/Shook rankings awarded in October 2023 based on data from 3/31/22-3/31/23.
**Assets “serviced by” the firm includes (i) client assets for which we provide investment advisory services, (ii) client assets for which we provide brokerage services through our affiliate, NewEdge Securities, Inc. and (iii) client assets held at unaffiliated broker dealers for which we provide supervisory oversight and support services.
Donald Cutler or Lorene Yue
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