Firm Now Services More Than $65 Billion in Client Assets After Third Consecutive Record-Breaking Recruitment Year and Strong Organic Growth Supported by Key Strategic Initiatives
PITTSBURGH, DEC. 12, 2024 — NewEdge Capital Group, LLC, a leading and growing wealth management firm supporting successful financial advisors nationwide, announced it exceeded its 2024 recruiting target of $9.5 billion in expected assets under management (AUM) in less than 12 months.
NewEdge Capital Group brings together elite wealth advisors through two distinct RIAs: NewEdge Wealth, which serves ultra high net worth clients under a single brand, and NewEdge Advisors, which offers multiple affiliation models to financial advisors — from independent practice ownership and branding to the recently launched NewEdge Advisors Pillar Channel that operates under a W2 structure. NewEdge Capital Group also provides brokerage services exclusively to both RIAs through NewEdge Securities.
Rob Sechan, Co-Managing Partner of NewEdge Capital Group and CEO of NewEdge Wealth, said, “We’ve become a destination for elite advisors seeking to elevate their practice and who are attracted to our comprehensive services suite, intellectual capital stack and culture of excellence. Many advisors are now proactively approaching us, recognizing NewEdge Capital Group as the solution to their current platform limitations. Our continued expansion has been significant and sustainable for the past three years, and our pipeline remains incredibly strong.”
Recruitment by the Numbers
This is the third consecutive time NewEdge Capital Group has exceeded its recruitment goal before the end of the year. In 2022, the firm brought aboard $9.1 billion in expected AUM, and in 2023, it recruited $9.3 billion. At the end of 2023, NewEdge Capital Group oversaw $44 billion in AUM. As of Nov. 30, 2024, the firm manages over $65 billion in total client assets.
NewEdge Advisors added over 25 new teams this year and now stands at more than 375 advisors. NewEdge Wealth opened new offices in Atlanta; Boca Raton, Florida; the Lehigh Valley, Pennsylvania area; and Portsmouth, New Hampshire, and has over 50 advisors serving ultra high net worth clients.
Alex Goss, Co-Managing Partner of NewEdge Capital Group and CEO of NewEdge Advisors, said, “Our rapid growth from industry newcomer to sought-after platform in less than four years demonstrates the strength of our advisor-first approach. We’re asked all the time about what our secret to success is. It’s really pretty simple. Be honest, transparent and always put your advisor’s needs before the firm. When you do that, success tends to take care of itself.”
New Strategic Initiatives Drive Organic Growth
Earlier this year, NewEdge launched its Bridge Solutions Programs. The Ultra High Net Worth Bridge program leverages NewEdge Wealth’s experience working with ultra high net worth clients as well as its intellectual capital, enabling NewEdge Advisors to tap into this expertise and attract clients with similarly complex wealth management needs. Likewise, the Retirement Bridge solution facilitates partnerships between American Trust Retirement, a subsidiary of the same parent company as NewEdge Capital Group. It helps advisors either win new retirement plan business or manage existing plans more efficiently, creating strategic partnerships between advisors and clients.
Furthermore, the addition of NewEdge Investment Solutions allows financial professionals and institutions access to many of the same innovative strategies NewEdge Wealth deploys to manage client assets on an outsourced basis. This enhances value for advisors and their clients and allows NewEdge Capital Group to drive additional growth.
Finally, NewEdge Advisors launched its W2 affiliation option through the NewEdge Advisors Pillar Channel. The Pillar Channel partners with mid-career large and above-average growing practices that are looking to further accelerate growth through M&A activity and tuck-ins.
Neil Turner, Chief Revenue Officer of NewEdge Capital Group and Co-Founder of NewEdge Advisors, added, “Instead of trying to fit advisors into a single box, NewEdge now has an affiliation option for any elite advisor. Our goal is to help seasoned and successful advisors get to that next level of success. Our wide range of innovative programs coupled with our commitment of only bringing aboard advisors who already know how to run an elite practice positions our firm for meaningful and continued organic growth in the new year.”
About NewEdge Capital Group
Today, NewEdge Capital Group, a Barron’s Top 100 RIA Firm and Forbes’ America’s Top RIA Firm*, has over $65 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 $600 billion in assets through NewEdge and its other custody and retirement businesses.
*Barron’s rankings awarded in September 2024 based on prior 12-month data. Forbes/Shook rankings awarded in October 2024 based on data from 3/31/23-3/31/24. Neither NewEdge Wealth nor its employees pay a fee in exchange for these rankings.
**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, LLC and (iii) client assets held at unaffiliated broker-dealers for which we provide supervisory oversight and support services.
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