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.
Elsewhere, a Commonwealth team in Massachusetts converts to Cetera, while Janney draws four former Wells Fargo advisors to its Radnor, Pennsylvania office.
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