NewEdge Capital Group says that 2023 has been a record-breaking year for growth, with advisors managing $9.6 billion in client assets joining its growing footprint.
The firm’s NewEdge Advisors and ultra-high-net-worth focused NewEdge Wealth businesses attracted $500 million more in assets under management than in the previous year and boosted assets (including organic growth of existing assets) to more than $44 billion by the end of last month, a rise of more than 37.5%.
In October 2023 alone, NewEdge Advisors' recruiting successes were greater than in the whole of 2021, its first year as part of NewEdge Capital Group, having previously operated as Goss Advisors. That month saw $2.4 billion in AUM added to bring the total for the year to date to $6 billion. The division added over 70 advisors from 30 new teams in 2023.
“The wealth management industry continues to experience disruption from consolidation, technology, and succession, and wealth managers seek a partner that can help them navigate these challenges while providing a growth platform. We offer that support so they can focus on what’s important to them – the client relationship,” said Alex Goss, a managing partner at NewEdge Capital Group and co-CEO and co-founder of NewEdge Advisors.
The advisor division also saw significant growth of its newly launched W2 channel, with the addition of three new teams in Florida, Illinois, and North Carolina.
NewEdge Wealth expanded its business too with four new offices – two in San Francisco plus one each in the Nashville, Tennessee area, and Bentonville, Arkansas – and the addition of 14 UHNW advisors among its six other locations, including its Stamford, Connecticut, headquarters.
The division also launched NewEdge Investment Solutions, a platform that allows financial professionals and institutions at other firms to access several of its portfolio and structured product strategies.
Just this month, it also launched the NewEdge Bridge Program, which enables advisors in the NewEdge Advisors business who have UHNW clients to access the NewEdge Wealth Platform.
“NewEdge Wealth was designed specifically to meet the needs of UHNW clients,” said Neil Turner, co-CEO and co-Founder of NewEdge Advisors. “By formalizing a program to connect NewEdge Advisors representatives with the team at NewEdge Wealth, we ensure that UHNW clients have access to a level of service, solutions and investment opportunities designed to support their unique needs in a mutually beneficial manner.”
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