NewEdge Capital Group, a leading and rapidly growing wealth management firm supporting successful financial advisors nationwide, announced that the company is on track for another record year of growth thanks to successful organic growth and recruiting efforts. As of June 30, 2024, NewEdge Capital Group’s total client assets under management exceeded $55 billion, with a significant portion of that amount attributable to successful recruiting efforts.
In the first half of the year, approximately $5.5 billion worth of assets are expected to be raised. For comparison, NewEdge Capital Group has raised a total of $9.6 billion worth of assets in 2023.
NewEdge Capital Group was formed in October 2021 and includes NewEdge Advisors, NewEdge Wealth and NewEdge Securities (the firm’s broker-dealer). During the first half of this year, the firm hired 61 advisors and held its annual National Partners Conference, attracting over 350 attendees.
In the first half of 2024, NewEdge Advisors added 17 new teams, 3 of which brought in over $500 million in expected assets under management. These teams represent 39 new advisors, with 16 integrated into existing teams.
NewEdge Wealth experienced strong growth within its teams, hiring 6 advisors for ultra-high net worth clients, 2 investment team members, and a wealth strategist. The firm also opened an office in Atlanta and expanded its location in Coral Gables, Florida.
NewEdge Investment Solutions (a division of NewEdge Wealth) was launched in August 2023 as a platform to provide access to differentiated investment strategies to NewEdge Capital Group advisors and external financial professionals and institutions. In the first six months of this year (almost a year after launch), the division surpassed $3.5 billion in assets under management and achieved GIPS compliance status.
The department was expanded to five portfolio managers overseeing 11 investment strategies, including new municipal bonds and small and mid-cap equity strategies. Additionally, Brian Nick, CFA, was hired as Managing Director, Head of Portfolio Strategy and Kevin McIntyre as Principal, Municipal Bond Portfolio Manager.
KEY QUOTES:
“NewEdge Capital Group provides advisors with the solutions and flexibility they need to drive growth, with partners who want to see them succeed.”
- Rob Sechan, Co-Managing Partner of NewEdge Capital Group and CEO of NewEdge Wealth
“We are proud that NewEdge has become a preferred destination for client-focused, growth-oriented consultants.”
- Alex Goss, Co-Managing Partner of NewEdge Capital Group and Co-CEO of NewEdge Advisors
“Ongoing consolidation in this industry has put tremendous pressure on advisors to achieve growth while providing superior client service. We offer meaningful opportunities to drive value for advisors and their clients, and our continued growth is a testament to our strategy.”
• ⁃ Neil Turner, Chief Revenue Officer of NewEdge Capital Group and Co-Founder and Co-CEO of NewEdge Advisors
