NewEdge Capital Group set itself a target of recruiting $9.5 billion in assets under management in 2024. In less than 12 months, the firm is celebrating exceeding this goal.
Just a couple of weeks ago the firm’s parent EdgeCo Holdings reported a new record high of $610 billion in assets serviced across its custody, trading, administration, brokerage, investment management and technology platforms.
Now the part of its business that comprises two distinct RIAs - NewEdge Wealth, which serves ultra-high-net-worth clients under a single brand, and NewEdge Advisors, which offers multiple affiliation models to financial advisors – together with brokerage business NewEdge Securities, has beaten its own recruitment goal for the third time.
At the end of 2023, NewEdge Capital Group managed $44 billion in assets but this grew to $65 billion by the end of November 2024.
“We've become a destination for elite advisors seeking to elevate their practice and who are attracted to our comprehensive services suite, intellectual capital stack and culture of excellence,” said Rob Sechan, co-managing partner of NewEdge Capital Group and CEO of NewEdge Wealth. “Many advisors are now proactively approaching us, recognizing NewEdge Capital Group as the solution to their current platform limitations. Our continued expansion has been significant and sustainable for the past three years, and our pipeline remains incredibly strong.”
The contribution of NewEdge Advisors is 25 new teams recruited during the first 11 months of 2024, bringing its advisor total to 375. Meanwhile, NewEdge Wealth has grown to 50 advisors and opened new offices in Atlanta; Boca Raton, Florida; the Lehigh Valley, Pennsylvania area; and Portsmouth, New Hampshire.
“Our rapid growth from industry newcomer to sought-after platform in less than four years demonstrates the strength of our advisor-first approach,” said Alex Goss, co-managing partner of NewEdge Capital Group and CEO of NewEdge Advisors. “We’re asked all the time about what our secret to success is. It’s really pretty simple. Be honest, transparent and always put your advisor’s needs before the firm. When you do that, success tends to take care of itself.”
The firm’s growth has been aided by its growing options for advisors including several affiliation models, and initiatives to help advisors gain new business, such as its Ultra High Net Worth Bridge program and the Retirement Bridge solution which facilitates partnerships between American Trust Retirement, a subsidiary of EdgeCo Holdings.
“Instead of trying to fit advisors into a single box, NewEdge now has an affiliation option for any elite advisor,” said Neil Turner, chief revenue officer of NewEdge Capital Group and co-founder of NewEdge Advisors. “Our goal is to help seasoned and successful advisors get to that next level of success. Our wide range of innovative programs coupled with our commitment of only bringing aboard advisors who already know how to run an elite practice positions our firm for meaningful and continued organic growth in the new year.”
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