NewEdge Capital Group launched the Ultra High Net Worth (UHNW) NewEdge Bridge Program, which enables representatives affiliated with NewEdge Advisors who have UHNW clients to introduce qualified individuals and families to the NewEdge Wealth platform, products and services. The program provides incentive for these reps to keep clients in the NewEdge Capital Group family, with all participating teams sharing in the revenues.
NewEdge Wealth serves UHNW clients with specifically designed platforms and offerings such as alternative investments, family offices services and support across multiple accounts, which is performed by internal parties. NewEdge Advisors is a separate business under the NewEdge Capital Group umbrella that tends to support HNW and emerging HNW clients with platforms and services tailored to this audience.
“NewEdge Wealth was designed specifically to meet the needs of UHNW clients,” said Neil Turner, Co-CEO and Co-Founder of NewEdge Advisors. “By formalizing a program to connect NewEdge Advisors representatives with the team at NewEdge Wealth, we ensure that UHNW clients have access to a level of service, solutions and investment opportunities designed to support their unique needs in a mutually beneficial manner.”
In recent years, NewEdge Advisors reps have seen more opportunities to secure UHNW business, but lacked all the tools needed to service these clients because that isn’t their core business, according to a spokesperson. The NewEdge Bridge Program strives to enhance the client relationship, make sure that reps of NewEdge Advisors can deliver the proper services to UHNW clients and allow those reps to choose their own level of involvement with the NewEdge Wealth engagement.
NewEdge Capital Group has over $42 billion in client assets and supports more than 300 financial advisors who serve several thousand households, family offices and institutions across more than 75,000 client accounts. It is a division of EdgeCo Holdings, which services over $170 billion in assets through NewEdge and EdgeCo’s custody and retirement businesses.
“This program helps everyone deliver the best service possible to a critical and growing segment of our client base,” said John Straus, Jr., Partner and Co-Founder of NewEdge Wealth. “We have already seen significant excitement for this program and have already engaged with clients introduced to us by representatives at NewEdge Advisors. We expect this program to drive meaningful growth across the firm while helping NewEdge Advisors representatives compete for business they historically may not have focused on.”
In August, NewEdge Wealth launched a third-party investment platform to provide financial professionals and institutions with access to the same strategies that the RIA uses to serve its own UHNW families, family offices, foundations, endowments, trusts, estates and other client entities.
The platform, called NewEdge Investment Solutions, offers strategies including investing in structured notes and developing managed investment strategies that use them. The NewEdge Structured Note Strategies team strives to remove hurdles for financial advisors who implement the products for clients.
Chris Latham, Managing Editor at Wealth Solutions Report, can be reached at clatham@wealthsolutionsreport.com
