NewEdge Wealth, LPL Financial, Osaic Expand by Hiring Talent from Rivals
NewEdge Wealth has expanded its presence in Florida by hiring four wealth managers to open a new office. The team includes Paul Yates, Alexandra Escobedo, Trace Shapiro, and Michael Wohlgemuth, all with extensive experience at institutions like Bank of America Private Bank and Franklin Templeton Investments. NewEdge now operates 20 offices across the U.S., including its recent Houston location staffed by former AllianceBernstein advisors. LPL Financial added a team from Morgan Stanley and RBC Wealth Management to launch ClearHaven Wealth Management in Minnesota, bringing $395 million in assets under management. The new firm will focus on high-net-worth clients nearing or living through retirement, leveraging LPL's infrastructure for operational support while maintaining autonomy. Osaic expanded its network by acquiring Midwest Financial Group from Commonwealth Financial Network, adding $450 million in AUM and a team led by Cuplin and Brandon Masbruch. The move highlights ongoing competition among independent broker-dealers to attract top advisory teams.
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Topics: expansion recruitment wealth management