PITTSBURGH--(BUSINESS WIRE)--NewEdge Capital Group, LLC, a leading and rapidly growing wealth management firm supporting successful financial advisors nationwide, announced today that successful organic growth and recruiting efforts have put the firm on pace for another record year of growth. As of June 30, 2024, NewEdge Capital Group’s total client assets serviced are more than $55 billion, with a substantial part of that figure coming from successful recruitment efforts.
Approximately $5.5 billion in expected assets were recruited in the first half of the year. By comparison, NewEdge Capital Group recruited a total of $9.6 billion in assets in 2023.
“NewEdge Capital Group provides solutions and flexibility that advisors need to foster their growth from partners that want to see them succeed,” said Rob Sechan, Co-Managing Partner of NewEdge Capital Group and CEO of NewEdge Wealth.
Alex Goss, Co-Managing Partner of NewEdge Capital Group and Co-CEO of NewEdge Advisors, added, “We’re proud that NewEdge has become a destination of choice for client-first, growth-minded advisors.”
NewEdge Capital Group launched in October 2021 to encompass NewEdge Advisors, NewEdge Wealth, and NewEdge Securities, the firm’s broker-dealer. In the first half of this year, the firm added 61 advisors and held its annual National Partners Conference, which drew more than 350 participants.
NewEdge Advisors Continues Growth Pace
In the first half of 2024, NewEdge Advisors added 17 new teams, three of which brought more than $500 million in expected AUM. The teams represent 39 new advisors, with an additional 16 integrated into existing teams.
Neil Turner, Chief Revenue Officer of NewEdge Capital Group and Co-Founder and Co-CEO of NewEdge Advisors, said, “The continued consolidation in this industry has placed incredible pressure on advisors to achieve growth while simultaneously providing an elite level of client service. We deliver meaningful opportunities to build value for advisors and their clients, and our continued growth is a testament to our strategy.”
InvestmentNews recognized NewEdge Advisors as one of the industry’s fastest-growing firms. It expanded its footprint by adding teams in Missouri, Washington and Vermont.
NewEdge Wealth Expands Footprint, Teams
NewEdge Wealth experienced strong growth within its teams by adding six ultra high net worth advisors, two investment team members, and a wealth strategist. In addition, the firm opened an office in Atlanta and expanded its Coral Gables, Florida, facility.
Cameron Dawson, the firm’s Chief Investment Officer, was named CIO of the Year by Institutional Investor and Danielle Brown was named Outstanding COO by Family Wealth Report. Rob Sechan was recognized as a finalist in the CEO of the Year category by InvestmentNews.
NewEdge Investment Solutions Crosses $3.5 Billion a Year After Inception
NewEdge Investment Solutions, a division of NewEdge Wealth, launched in August 2023 as a platform to provide NewEdge Capital Group advisors and external financial professionals and institutions with access to differentiated investment strategies. In the first six months of 2024, nearly a year after inception, the division crossed $3.5 billion AUM and earned GIPS® compliance status, a widely recognized industry accomplishment.
The division has expanded to five portfolio managers overseeing 11 investment strategies, including new municipal bond and small and mid-cap stock strategies. Additionally, it hired Brian Nick, CFA®, as Managing Director, Head of Portfolio Strategy, and Kevin McIntyre as Principal, Municipal Bond Portfolio Manager.
About NewEdge Capital Group
NewEdge Capital Group and its subsidiaries collectively trace their roots back over 30 years and provide best-in-class technology-enabled solutions and support services to financial advisors and their clients. Today, NewEdge Capital Group, a Barron’s Top 100 RIA Firm and Forbes’ America’s Top RIA Firm*, has over $55 billion in client assets serviced** and supports over 400 financial advisors servicing several thousand households, family offices, and institutions comprising of more than 75,000 client accounts. The company is a division of EdgeCo Holdings, LP, which collectively services over $550 billion in assets through NewEdge and its other custody and retirement businesses. For more information, visit www.newedgecapitalgroup.com.
*Barron’s rankings awarded in September 2023 based on prior 12 month data. Forbes/Shook rankings awarded in October 2023 based on data from 3/31/22-3/31/23. Neither NewEdge Wealth nor its employees pay a fee in exchange for these rankings. InvestmentNews Fastest-Growing in America awarded in June 2024 based on prior 12 month data. Institutional Investor RIA Intel Award awarded in June 2024 based on prior 12 month data. Family Wealth Report awarded in February 2024 based on prior 12 month data. InvestmentNews finalists awarded in April 2024 based on prior 12 month data.
**Assets “serviced by” the firm includes (i) client assets for which we provide investment advisory services, (ii) client assets for which we provide brokerage services through our affiliate, NewEdge Securities, Inc. and (iii) client assets held at unaffiliated broker-dealers for which we provide supervisory oversight and support services.
