The company that includes NewEdge Capital Group’s wealth management and investment operations has seen the assets it services soar to a new record in 2024.
EdgeCo Holdings reported early this morning (December 3) that the assets serviced across its custody, trading, administration, brokerage, investment management and technology platforms has reached $610 billion.
The total is made up of $550 billion serviced by its AmericanTCS business unit. Founded in 2022, this unit brought together several businesses that EdgeCo had acquired since 2018 and now includes American Trust Wealth, American Trust Custody, American Technology Automation, American Trust Retirement and FiduciaryXChange
AmericanTCS offers retirement plan services to intermediary professionals such as bundled or individual retirement plan recordkeeping, administration and trust and custody services.
The other $60 billion in assets serviced is attributed to NewEdge Capital Group which comprises the RIAs NewEdge Wealth, which serves high-net-worth individuals, and NewEdge Advisors, which offers advisors several affiliation models including independence and a recently launched NewEdge Advisors Pillar Channel operating under a W2 structure.
EdgeCo Holdings businesses have around 900 employees and supports more than 15,000 financial advisors and 500 financial institutions. Its stats show that it supports around 60% of 401(k) plans, working with more than 425,000 retirement plans.
“This year, we saw incredible gains through both AmericanTCS and NewEdge Capital Group, driven in part by the successful integration of several acquisitions we’ve made in recent years and the enhanced platform capabilities we’re now able to provide our clients to help them grow their businesses and manage their operations more efficiently,” said EdgeCo CEO Paul Schneider. “The powerful synergies between our retirement solutions at AmericanTCS and the wealth management services provided by NewEdge Capital Group, are also beginning to have an impact on our growth.”
Schneider said that the business will continue to seek strategic partnerships to drive its organic growth.
The state's order is a step in negotiating a potential fine with the firm.
The state's attorney general warned Goldman, JPMorgan, BlackRock, and other heavyweights of possible legal consequences to their diversity policies.
Financial advisors generally agree with a recent survey of economists that the odds of a recession in 2025 remain small.
IAA reached a new asset record as Compound Planning announced strategic additions to its leadership team.
The credential-granting body's 2024 leaderboard for new certification features Fidelity, Schwab, Northwestern, and LPL.
AssetMark Group CEO explains why the great wealth transfer, succession planning, and personalization will be key for advisors in the new year.
A trust delivery model not only increases the value of an advisor and a firm but is also a natural addition to any firm’s succession plan.
