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.”
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
