NewEdge Advisors and NewEdge Wealth both announced adding talent and assets this week, along with EP Wealth and Crewe Advisors. Sanctuary Advisors also revealed the launch of another breakaway advisor on its platform, while Income Research + Management and Angeles Wealth each announced executive hires as they move to expand services for ultra-rich private clients.
In other news of the week, Summit Financial hit $10 billion in assets, Nepsis brought in a director from Choreo, Miracle Mile picked up two firms and $600 million in assets, Private Advisor Group added a $120 million team in Charlotte and Rockefeller Capital Management scored a $1.3 billion team from Morgan Stanley.
Nesso Wealth Joins NewEdge Advisors from Carson
NewEdge Advisors, the New Orleans-based RIA partnership platform owned by NewEdge Capital Group, snared a 20-person team overseeing $262 million at Carson Wealth.
Based in Milldale, Conn., Nesso Wealth brings nine advisors and eleven client support staff to the NewEdge platform, including Senior Vice President Ty Bongiovanni and Kevin Christopher, both partners in the firm, and CEO Matt Glatt.
Nesso Wealth provides wealth management services to individuals, families and business clients. The firm also delivers specialized accounting and tax services and supports property and casualty, employee benefits, Medicare and wellness programs, according to an announcement.
“We knew we needed a partner who could provide us with the flexibility, freedom, and support to build Nesso Wealth in the way we feel is best,” said Bongiovanni.
Originally Goss Advisors, co-founders and co-CEOs Alex Goss and Neil Turner joined EdgeCo Holdings as the basis for a 1099 wealth management division in 2020. NewEdge Advisors was created the following year with the launch of parent company NewEdge Capital Group, comprising the platform for independent advisors (which now offers a w-2 option), an invite-only RIA serving the ultra-wealthy and a brokerage. The firm also has a robust in-house technology division.
The firm currently oversees over $25 billion in assets on the NewEdge Advisors platform, representing a little more than half of total assets within the NewEdge Capital ecosystem.
EdgeCo is backed by Parthenon Capital and Waterfall Asset Management.
NewEdge Wealth Establishes Atlanta Office with J.P. Morgan Wealth Team
NewEdge Wealth, NewEdge Capital Group’s invite-only RIA serving ultra-wealthy clients, opened an Atlanta office with the addition of a team from J.P. Morgan Wealth Management.
Roland Pritchett and Andrew Noble, formerly of The Pritchett Group, join NewEdge Wealth along with a client service associate. Pritchett is serving as managing director at the new location.
“The Southeastern United States represents a massive and relatively underserved high net worth and ultra-high net worth wealth management market,” according to NewEdge Wealth co-founder and CEO Rob Sechan. In a statement, he said the new office will enable further regional expansion.
Created in late 2020, NewEdge Wealth opened four new offices last year and added 14 advisors. Managing $6.9 billion in advisory assets for 1,595 clients in September, the firm now has 10 offices in addition to its headquarters in Stamford, Conn.
EP Wealth Advisors Buys $188M AUM Parker Advisory Group
Los Angeles-based EP Wealth Advisors acquired a two-person team in southwest Utah managing $188 million for about 200 clients.
Chad Parker founded the Parker Advisor Group in St. George, Utah, 14 years ago as an independent practice. He is joined by Client Relationship Associate Mandi Yates. The duo will move into an existing EP Wealth office in St. George. They expect to benefit from access to estate and trust planning services, compliance support and more, according to an announcement.
It is the first acquisition announced by EP Wealth this year, and the 30th since selling a minority piece to Wealth Partners Capital Group in 2017. Celebrating its 24th anniversary in 2024, EP Wealth manages more than $21 billion for close to 1,500 clients.
Crewe Advisors Nabs Osaic Team
Crewe Advisors, a Salt Lake City RIA with an affiliated investment bank, expects to surpass $2 billion in assets this year after adding its newest partner.
James Davenport joined the firm from Osaic, along with Mikaila Curtis, Brianna Newson and Tanner McQuiston.
“I’ve known the Crewe team for several years and have admired the business they’ve built,” Davenport said in a statement. "There was a true connection and parallels in the way we operate and serve clients.”
Founded in 2015, Crewe serves 306 individual and 46 institutional clients with nearly $1.3 billion under management.
In September, the firm announced it was relocating in Salt Lake City to accommodate rapid expansion.
Former Goldman Sachs VP Launches RIA with Sanctuary
A Denver-based advisor left Goldman Sachs to create an independent RIA serving executives and entrepreneurs in partnership with Sanctuary.
Dubbed ALFA Advisor (Abundance, Leadership and Freedom Accelerated), founder Anthony Englert serves as managing director at the fledgling firm. He was with Goldman for more than 14 years, most recently in a vice president role. He is joined by Senior Client Coordinator Stephanie Montoya.
ALFA is focused on helping entrepreneurs, business owners and executives manage personal wealth and the growth and value of their businesses while developing meaningful legacies.
“We’re here to make sure nothing gets in their way,” Englert said in a statement, describing his process as “structured” and saying it includes “a strategic roadmap, complete analysis, tailored alignment of services, and ongoing implementation and monitoring.”
Sanctuary, which has claimed $25 billion in assets since the summer of 2022, provides a range of services to breakaway advisors. After private equity partner Kennedy Lewis joined Azimut Group as an owner of the RIA platform the same summer, a host of leadership changes were announced, including then-CEO Jim Dickson leaving the firm and being replaced by board member Adam Malamed.
Income Research + Management Hires Head of Wealth Management
Income Research + Management, a Boston-based RIA managing $96 billion for 440 institutional and 376 ultra-wealthy private clients, hired Graham Hopper to serve as the first head of its wealth management business.
Specialized in managing U.S. fixed-income portfolios, IR+M assets include several U.S. fixed-income private investment funds and collective investment trusts for qualified investors.
In the new role, Hopper will oversee the development and execution as the firm seeks to expand further into the private client, RIA and family office channels and other relevant platforms, according to an announcement.
He will report to Chief Client Officer Sue Brengle.
Before joining IR+M, Hopper was head of global relationship management for the advisor group at DoubleLine Capital and responsible for distributing mutual funds, ETFs and private investments within the RIA and family office spaces. Prior to that, he spent a decade with BlackRock.
Celebrating Six Years of Growth, Angeles Wealth Hires New Exec
Angeles Wealth Management, a $1.7 billion RIA headquartered in the Santa Monica suburb of Los Angeles, tapped a senior wealth advisor with LourdMurray to join the firm as a managing director.
Locally based, Rick Nott is focused on financial planning and portfolio allocation on a mission to help families create sustainable, multigenerational wealth, according to an announcement. He joined Angeles Wealth in December.
Prior to the seven years he spent with LourdMurray, Nott served as an advisor at AdvicePeriod and Signature Estate and Investment Advisors. He started his career as a trader at United Capital Financial Advisors.
The hire capped six consecutive years of organic growth at the firm, which grew assets by 40% last year alone. Founded in 2011, the RIA also has offices in New York City and Houston. It hired a new chief of compliance and operations last February.