NewEdge Grows Florida Footprint With $3B Wealth Manager Team
NewEdge Capital Group has opened a Fort Lauderdale office for its NewEdge Wealth division, its fourth in Florida, and hired a four-person wealth management team to staff it. NewEdge Wealth is a registered investment adviser serving ultra-high-net-worth and high-net-worth families, family offices, and institutional clients.
Paul Yates, Alexandra Escobedo, Trace Shapiro, and Michael Wohlgemuth bring more than $3 billion in client assets to NewEdge, according to a person familiar with the team. The team has experience working with ultra-high-net-worth individuals, families, business owners, and professional athletes.
“This team understands the complex wealth management needs of innovators, athletes and families, and we’re excited to leverage their experience in the local market as we enhance our presence in the state,” said Rob Sechan, founder and managing partner of NewEdge Capital Group.
“I’ve lived in Fort Lauderdale full time since 2023, and I’ve witnessed firsthand how Florida continues to experience strong economic growth. 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.”
The four have backgrounds in wealth management, investment management, real estate, and banking.
Yates has more than a decade of experience helping clients with investment management, estate and trust planning, philanthropy, and lending strategies. He previously worked at Bank of America in its private bank division.
Escobedo has more than 15 years of experience creating and managing customized investment portfolios and comprehensive wealth management strategies. Before joining NewEdge, she held roles at Bank of America Private Bank, TradeStation, and Franklin Templeton Investments.
Shapiro has more than a decade of experience working with affluent families and entrepreneurs. He has prior experience at Bank of America Private Bank and Merrill Lynch.
Wohlgemuth has more than 20 years of experience serving ultra-high-net-worth individuals, business owners, real estate developers, entrepreneurs, and professional athletes. He previously worked at Bank of America Private Bank, Barry Financial Group, and Thomson Financial Research.
“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,” said Yates. “We look forward to building upon our success and leveraging the resources of the NewEdge team for our clients.”
NewEdge Wealth has more than 70 advisers serving ultra-high-net-worth clients across 20 locations, including New York, Chicago, and San Francisco. The firm also recently added a location in Houston, expanded its Nashville footprint, added to its Atlanta location, and opened an office in New Albany, Ohio.
NewEdge Wealth is a division of NewEdge Capital Group LLC, which NewEdge describes as an invitation-only firm for established advisers. Advisory services are provided through NewEdge Advisors LLC and NewEdge Wealth LLC, its RIAs; securities are offered through NewEdge Securities LLC.
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