NewEdge Wealth, the upper high-net-worth channel of NewEdge Capital Group, is expanding into Minnesota by adding an eight-person UBS team that previously oversaw $1.25 billion in client assets. The team will be based in Wayzata, outside 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 NewEdge Wealth as vice presidents, along with three support staff members. 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. NewEdge Wealth, based in Stamford, Conn., has more than 70 advisors, including recent expansion through recruiting in Tennessee, Georgia, Houston and New Albany, Ohio.
UBS Group AGUBS loses an eight-person team overseeing $1.25B in client assets to NewEdge Wealth, a competitive advisor departure.
NewEdge Wealth adds an eight-person UBS team with $1.25B in client assets, opening its first Minnesota office and 22nd location.
