The first half of 2024 has seen assets serviced by NewEdge Capital Group soar to more than $55 billion.
The firm, which reported a record-breaking year for growth in 2023, with advisors managing $9.6 billion in client assets joining its growing footprint, says that this year could set another record as organic growth and recruiting efforts continue to bear fruit.
Expected assets recruited in the first six months of 2024 total $5.5 billion, more than half of the total for last year.
NewEdge Capital Group was formed in 2021, bringing together NewEdge Advisors, NewEdge Wealth, and NewEdge Securities, the firm’s broker-dealer.
NewEdge Advisors added 17 teams including three with expected AUM of more than $500 million. A total of 39 advisors were part of those teams while another 16 advisors were integrated into existing teams.
“The continued consolidation in this industry has placed incredible pressure on advisors to achieve growth while simultaneously providing an elite level of client service,” said Neil Turner, chief revenue officer of NewEdge Capital Group and co-founder and co-CEO of NewEdge Advisors. “We deliver meaningful opportunities to build value for advisors and their clients, and our continued growth is a testament to our strategy.”
Meanwhile, NewEdge Wealth added six ultra-high-net-worth advisors, two investment team members, and a wealth strategist, as well as opening a new Atlanta office and expanding its facilities in Coral Gables, Florida.
NewEdge Investment Solutions, which is part of NewEdge Wealth, launched as a platform for the group’s advisors and external financial professionals and institutions with access to differentiated investment strategies. It reached $3.5 billion AUM in the first half of 2024.
The division also welcomed Brian Nick as its new managing director and head of portfolio strategy and Kevin McIntyre as principal, Municipal Bond Portfolio Manager.
Nearly half of single Americans think their net worth shapes their fate in dating, but the biggest financial green flags tell a different story.
The hybrid RIA is the latest firm to face allegations that it enriched itself at customers' expense by paying unfairly low interest rates in its cash sweep programs.
Installed after Dan Arnold's abrupt termination, the new leader at LPL Financial is highlighting the firm's refocusing on the individual advisor.
The clearing and custody giant is kicking the tires on new cash sweep plan with broker-dealer clients.
LPL Financial welcomes a $345 million investment and planning team from Ameriprise as RayJay's employee advisor arm adds a seasoned Well Fargo breakaway.
From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.
Blue Vault features expert strategies to harness for maximum client advantage.