NewEdge Wealth, the upper high-net-worth channel of NewEdge Capital Group, is expanding into Minnesota by adding a UBS team that previously oversaw $1.25 billion in client assets, the registered investment advisor announced.
The eight-person team will be based in Wayzata, outside of Minneapolis and will mark NewEdge Wealth’s 22nd location nationally. Managing Director James Shafer had been with UBS since 2005, with Principal Michael Block joining the wirehouse in 2011, according to BrokerCheck.
Joseph Gossett, Pamela Smith and Rachelle Carlson-Oien are also moving to join NewEdge Wealth as vice presidents, along with three support staff members.
“For decades, this team has worked closely with affluent communities around the Minneapolis area to mitigate risk, preserve wealth, manage cash flow and identify tax-efficient oversight,” Rob Sechan, founder and managing partner of NewEdge Capital Group, said in a statement. “James, Michael and the entire team built a practice that puts clients first and we are thrilled to have them anchor our new office in Minnesota and strengthen our Midwest presence.”
The team, called Shafer Block Wealth Management with UBS, has experience helping clients with wealth transfer, multi-generational wealth and planning related to substantial wealth, according to the announcement.
“As Wayzata grew, so did our firm, and we needed a partner who could provide the technology, support and investment options to support our next phase of growth,” Shafer said.
NewEdge Wealth, which is based in Stamford, Conn., has more than 70 advisors, including recent expansion through recruiting in Tennessee, Georgia, Houston and New Albany, Ohio. The Houston team came over in August from AllianceBernstein’s private wealth management division, having overseen $2.2 billion in client assets.
NewEdge Capital also includes NewEdge Wealth Advisors, the firm’s RIA partnership platform that has both 1099 independent contractors and W-2 employees. NewEdge Capital is owned by EdgeCo Holdings, which is majority-owned by the private equity firm Parthenon Capital.