After leaving UBS at the end of 2020, Robert J. McCann is returning to the financial advice industry as co-chair of NewEdge Capital Group, which works with 300 financial advisers and $30 billion in client assets.
McCann is working alongside current NewEdge Capital Group chairman Charles Warden, founder of Mid Atlantic Capital Group. Parts of Mid Atlantic were recently rebranded under NewEdge, as parent company EdgeCo Holdings consolidated the wealth management operations it has launched or acquired since 2018, according to a statement Tuesday from the company. McCann is also an investor in the firm.
McCann is widely credited with injecting new life into UBS’ wealth management business in the United States after the credit crisis. He left rival Merrill Lynch and joined UBS in 2009. At the time, he was CEO of UBS Wealth Management Americas and a member of the group executive board; in 2015, he became UBS' chairman for the Americas region.
NewEdge has three businesses for financial advisers: two registered investment advisers, NewEdge Advisors and NewEdge Wealth, and a broker-dealer, NewEdge Securities Inc.
"In the same way that streaming apps disrupted cable TV, the wealth advice business is being changed by elite advisors using cloud-based open platforms to deliver advice optimally, and NewEdge embraces that change,” McCann said in the statement.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
