NewEdge Capital headed for another record year of growth for assets, advisors

NewEdge Capital headed for another record year of growth for assets, advisors
Strong recruitment in the first half of 2024 has built on record 2023.
AUG 15, 2024

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. 

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.