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NewEdge Capital Group Recruits Add $9.6 Billion in AUM

NewEdge Capital Group Recruits Add $9.6 Billion in AUM. Adviser, broker, broker-dealer, financial services, investment adviser, registered investment adviser, RIA, NewEdge Capital Group, NewEdge Wealth, NewEdge Advisors
NewEdge Capital Group Recruits Add $9.6 Billion in AUM. Adviser, broker, broker-dealer, financial services, investment adviser, registered investment adviser, RIA, NewEdge Capital Group, NewEdge Wealth, NewEdge Advisors

NewEdge Capital Group LLC, a Pittsburgh-based registered investment advisor, announced 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. The 2023 activity compares to $9.1 billion in AUM recruited in 2022. NewEdge Advisors’ recruiting 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.

The firm’s attracted over 70 advisors from 30 new teams in 2023 and saw “significant growth” of its newly launched W2 channel with the addition of three new teams in Florida, Illinois and North Carolina.

“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 chief executive officer 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.

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” 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.”

NewEdge Capital Group was launched in 2021 and provides support services to financial advisors and their clients. Currently, the firm has more than $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.

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