NewEdge snags 24-person, $1.4B team from Ameriprise

NewEdge Capital Group is building out its channel for RIAs with a mammoth 24-person team pulled from Ameriprise.

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ClearTrust Wealth Advisors, based in Franklin, Tennessee — near Nashville — is joining NewEdge Advisors, a channel for RIAs started by NewEdge Capital in 2021. The team had previously managed roughly $1.4 billion at Ameriprise.

The ClearTrust team is led by the private wealth advisors and managing partners Matt Robins, Nick Stamatis and Joe Creecy. All three started their careers at Ameriprise in the 2000s.

Their team provides financial planning and wealth management to small businesses, corporate executives and families. 

“Matt, Joe, Nick and the entire ClearTrust team represent exactly the type of advisor-led organization we are proud to support,” Alex Goss, CEO of NewEdge Advisors, said in a statement.

Ameriprise did not respond to a request for comment.

New Orleans-based NewEdge Advisors is the independent contractor division of NewEdge Capital Group, which also includes the separate RIA NewEdge Wealth and the broker-dealer NewEdge Securities. NewEdge Capital Group is, in turn, owned by EdgeCo Holdings, which receives backing from the private equity firm Parthenon Capital and Waterfall Asset Management.

NewEdge Capital manages about $88 billion in client assets through its three subsidiaries and has more than 450 advisors and registered representatives, according to its website. Among NewEdge’s recent recruiting wins have been a trio of advisors formerly managing $6 billion at the large New York-based RIA Summit Trail Advisors; and a nine-person team that had been managing $1.4 billion at Merrill in Destin, Florida.