NewEdge Advisors, a New Orleans–based registered investment advisory platform focused on providing high-level support and resources to top-tier advisors leaving the wirehouse sector, added seven new teams in the third quarter of 2022, according to an announcement.
Comprising 12 individuals advising on a combined $1.4 billion in client assets, the new practices are located primarily in the nation’s southeast and include: Alluvial Wealth Partners in Memphis, Tenn.; Beaumont Wealth Advisors in Beaumont, Texas; Congruent Wealth in Jacksonville, Fla.; Cornerstone Wealth Advisors in Madison, Ala.; Murry Wealth Management in Mandeville, La.; Oak Capital Financial Advisors in Port Allen, La.; and E&E Wealth in Troy, Mich.
“2022 is still on pace to be our best year yet,” said co-CEO Alex Goss, who originally founded the firm with his father, Jerry Goss, and co-CEO Neil Turner under the name Goss Advisors. Goss Advisors became a part of EdgeCo Holdings to lead its 1099 wealth management division in 2020. NewEdge Advisors was created the following year with the launch of parent company NewEdge Capital Group—a wealth management, advisory services and fintech division created under EdgeCo to serve “elite” advisors and UHNW clients.
The third quarter saw a slight uptick in the platform’s recruiting momentum, following the addition of five teams in each of the first two quarters with a combined total of more than $2 billion in client assets. NewEdge also entered two new geographical markets in Q3, in Alabama and Tennessee, and made its largest addition year to date with the $1 billion Beaumont Wealth, recruited out of Raymond James. Now serving more than 265 financial advisors in 32 states and with a cumulative $17 billion in brokerage and advisory assets under advisement, the firm expects to add another $1.6 billion before the end of the year.
“Advisors are continuing to jump to independence because it’s what’s best for them and their clients,” said Goss. “They realize that our evolving platform gives them their most valuable key back—their time.”
NewEdge Capital Group currently claims more than $30 billion in client assets across more than 75,000 accounts, which is overseen by more than 300 advisors and representatives through NewEdge Advisors, NewEdge Wealth, its invite-only, boutique wealth management division, and New Edge Securities, which offers customized electronic trading services. Through NewEdge Capital Group and its other custody and retirement businesses, EdgeCo Holdings collectively services more than $150 billion in assets.
