NewEdge Capital Group Reports Adding $4.38 Billion in AUA Throughout 2022

National wealth management firm cites affiliation models, flexibility and platform as key to growth

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Rob Sechan, Alex Goss | NewEdge

The Pittsburgh-based NewEdge Capital Group says its “range of affiliation models” have been critical in driving record recruiting results for the 2022 full year, according to a press release shared with DWN.

The company, which oversees $32 billion in total client assets, was launched in its current form in October 2021.  It encompasses NewEdge Advisors, NewEdge Wealth and its broker dealer platform, NewEdge Securities.

According to a press release, the company recruited $9.1 billion in assets across the NewEdge Capital Group organization, including 40 advisors with a total of $4.38 billion in assets under advisement (AUA) into its NewEdge Advisors unit.  Additionally, the company opened offices in seven cities within its NewEdge Wealth unit.

The full year recruiting results demonstrate how a small number of relatively new independent wealth management firms are punching far above their weight in business development results compared to much larger firms that have been established for many years now.

For example, earlier this quarter Cetera Financial Group, which has approximately 8,000 financial advisors, reported adding over $13 billion in assets via recruiting for the full year 2022, compared to NewEdge’s total recruiting results of $9.1 billion in assets for last year.

Tech and Flexibility Drives NextGen and Diverse Recruitment

According to a press release shared with DWN by NewEdge, the company’s recruitment activity “demonstrated NewEdge Advisors’ strength in offering flexible affiliation models, asset management expertise and customized technology services.”

“NewEdge…delivers solutions that allow advisors to take control of the client experience while enjoying the margin, freedom and flexibility of an RIA — without having to expend the time and resources to run one,” said Alex Goss, a Managing Partner at NewEdge Capital Group and Co-CEO and Co-Founder of NewEdge Advisors.

The firm emphasized that, of the 23 teams that joined in 2022, over 30% are led by women, while over 90% of these new advisors are in their early 40s.  The average age of a NewEdge advisor is 49 years old.

Supporting the UHNW Clients 

In addition to strong next gen advisor recruiting results, NewEdge also has reinforced its position in the ultra-high net worth (UHNW) and high net worth (HNW) segments of wealth management.

Over the course of 2022, NewEdge Wealth added and opened offices in Coral Gables, Florida; Miami, Florida; Park City, Utah; Manhattan Beach, California; Pittsburgh, Pennsylvania; and its headquarters, Stamford, Connecticut.

The firm also brought aboard 16 ultra-high-net-worth advisors to its team. The firm also named Cameron Dawson as Chief Investment Officer, Robin Petty as Head of Wealth Strategy, as well as several other positions.

“It’s gratifying to see that our strong value proposition, responsive management team and innovative solutions continue to resonate with top advisors across the country,” said Rob Sechan, a Managing Partner at NewEdge Capital Group and CEO and Co-Founder of NewEdge Wealth.

“NewEdge’s year-over-year success is impressive, especially considering the macro-economic trends impacting the wealth management space,” said “Jeff Nash, Founder and CEO of BridgeMark Strategies, a financial advisor recruiting and transitions consultancy serving wealth management firms across the industry.

“Their supported independence model as well as their recently announced W2 option provide advisors meaningful choices when considering affiliation. And when added to their robust practice management and model portfolio management technology, the NewEdge team is well positioned to weather current market and economic uncertainties to keep growing in the year to come.”