NewEdge Advisors is a New Orleans-based RIA with more than 265 affiliated advisors managing a total of approximately $16.8 billion in client assets. Neil Turner co-founded the firm with Alex Goss, who also serves as Co-Chief Executive Officer. As previously reported, in November, NewEdge hired former LPL Financial Executive Vice President, Steve Pirigyi, as President and appointed Jeff Cutler to the newly created role of Chief Experience Officer (CXO) and Managing Partner.
WSR: How has NewEdge grown through advisor recruitments and/or practice acquisitions over the past year?
Turner: NewEdge Advisors had a record-breaking 2021 with the addition of 37 advisors overseeing $2.5 billion in assets serviced. The past year is on track to be just as strong. We have added more than 40 advisors with a total of more than $4.4 billion in expected AUM.
Our success has been driven in part by our Advisor Succession Program, which allows firms to monetize part of their revenue but maintain the autonomy and control that comes with going into private practice. Each of our M&A deals is meaningful in contributing to NewEdge’s growth and success.
WSR: Why has NewEdge successfully won these advisors and teams?
Turner: Our rapid growth reflects the growing trend of successful advisors looking to take full control of the client experience in a way uniquely afforded by the RIA space. Each of these teams maintains full ownership of their client practice, yet they chose to share an RIA with like-minded peers rather than building one of their own. These advisors all get the margin, freedom and flexibility of an RIA without having to expend the time and resources to run one.
WSR: What has your role been in helping NewEdge to conduct these deals?
Turner: In addition to being the Co-Founder and Co-Chief Executive Officer of NewEdge Advisors, I’m also the Chief Revenue Officer for NewEdge Capital Group, the parent of NewEdge Advisors. I oversee revenue and growth with a focus on mergers and acquisitions, transitions, retentions and investments.
A big part of my focus was professionalizing our sales process and building out a national BDO team under David Symecko. He has transformed our organization and positioned us to grow at a pace more akin to a national IBD or wirehouse, and the results are proving it.