New York-based NewEdge Capital Group said it has added a team of four veteran wealth managers who managed $3 billion in client assets at Bank of America Private Bank to its new location in Fort Lauderdale, Fla.
The advisors—Paul Yates, Alexandra Escobedo, Trace Shapiro and Michael Wohlgemuth—joined the firm’s NewEdge Wealth division this week. The advisors are experienced in working with ultra-high-net-worth individuals, families, business owners and professional athletes, NewEdge Capital said in its news release.
NewEdge Wealth is one of NewEdge Capital’s two RIA subsidiaries and specializes in working with wealthy and ultra-wealthy families, as well as with family offices and institutional clients.
The former Bank of America team is made of up wealth, investment and real estate management and bank experts, NewEdge said. With the addition of the advisors, the division is opening its fourth location in the Sunshine State, according to the release.
NewEdge Wealth has more than 70 advisors catering to the ultra-wealthy at 20 locations, including offices in New York, Chicago and San Francisco. The RIA also last month added a location in Houston, which the firm called “one of the fastest growing economies in the country.”
“I’ve lived in Fort Lauderdale full time since 2023, and I’ve witnessed firsthand how Florida continues to experience strong economic growth,” said Rob Sechan, founder and managing partner of NewEdge Capital, which has $120 billion in total client assets serviced. “It’s driven by entrepreneurs and individuals who live or have moved to the area like me, and I am excited how this new office will strengthen our presence on the coast between Miami, Coral Gables and Boca Raton.”
Yates, who has worked more than a decade helping clients with investment management, estate and trust planning, philanthropy and lending strategies, said, “Our clients have complex needs and evolving expectations, and we found a partner in NewEdge that values elite client service as much as we do, and the scale to invest in the right solutions that allow us to continue to deliver on ever-changing demands.”